Fortune 500 Firm Buys MS Industrial Property
- Feb 22, 2019
Core5 Industrial Partners has sold a 581,475-square-foot industrial property situated within the Desoto 55 Logistics Center, a 173-acre park in Horn Lake, Miss., to a Fortune 500 company. NAI Saig Co. Vice President Elliot Embry represented the buyer in the deal.
Located at 1241 Commerce Drive, the property referred to as Building A is a cross-dock facility and will be utilized by the new owner for its distribution network. The location offers access to the interstate system, a targeted labor pool, the pro-business environment of both DeSoto County and Horn Lake as well as the state of Mississippi. It’s also less than 10 miles from Memphis International Airport.
“The property fit the location for the company’s supply chain requirements, offered state-of-the-art specifications to allow for highly automated material handling equipment and pick modules inside the building, it offered frontage on Highway 51 and easy access to Highway 55. In addition, the labor market is robust with the targeted talent the company was looking to ultimately hire once operational,” Lisa Ward, Core5 Industrial Partners’ senior vice president & managing director, told Commercial Property Executive.
The bigger picture
Phase I of the business park, which was completed in October 2018, included two facilities—Buildings A-1 and B—totaling approximately 900,000 square feet. Both buildings are now fully committed with occupants. The roughly 300,000-square-foot Building B is a rear-load structure that has been fully leased to DSV Solutions, LLC and EPE Industries USA.
In addition to the sale, Core5 announced construction was slated to begin on three additional buildings totaling 1.5 million square feet in the Desoto 55 Logistics Center. At full build-out, the complex will accommodate just under 2.5 million square feet across five buildings.
“We are beginning Phase II, which is the final phase of the business park and will consist of three buildings—Building A-2, a 328,000-square-foot cross-dock to accommodate tenants from 160,000 square feet to 328,000 square feet; Building C, a 317,000-square-foot rear-load to accommodate tenants of 100,000 square feet to 317,000 square feet; and an 860,000-square-foot cross-dock, which can accommodate tenants of 430,000 square feet to 860,000 square feet,” Ward said.
Earlier this month, Core5, in a joint venture with Helms Development, sold a 224,572-square-foot logistics facility at the upcoming South Florida Distribution Center in Pembroke Pines, Fla. Vital Pharmaceuticals paid $35 million for the property.
Rendering courtesy of Core5 Industrial Partners