Sears Trades 1.4 MSF Memphis Industrial Asset
- Jan 07, 2020
Sears has sold an approximately 1.4 million-square-foot distribution center in Memphis, Tenn., for $7.5 million to Phoenix Investors. JLL facilitated a four-year, $10.1 million acquisition and development loan from Atlantic Capital Bank, according to Shelby County records.
The two-story property originally was built in 1973 and later expanded in 1981. The structure features clear heights up to 31 feet, 145 dock doors and 85,880 square feet of office space. Plans for renovations include cosmetic and structural improvements. At the time of the transaction, the building was vacant. The new owner will assume management and leasing responsibilities.
Located at 3456 Meyers Road on 47.1 acres, the warehouse is 11 miles from Memphis International Airport and nearly 8 miles from the city’s downtown. Interstate 40 is within 2 miles of the property.
JLL’s Senior Vice President Jack Wohrman and Managing Director Russ Westlake brokered the financing on behalf of the buyer.
Phoenix Investors focuses on acquiring single-tenant industrial assets from retail giants and other operators. In December, the firm picked up an 880,000-square-foot former Amazon fulfillment center in southern Kansas.