MILWAUKEE – Phoenix Investors has acquired an approximately 1,400,000-square-foot industrial facility located in Memphis, Tennessee. The property is currently vacant and will be marketed to new users for lease.
Originally built in 1973 with an addition in 1981, the facility is a Class B former distribution centre for Sears. The property has clear ceiling heights ranging from 24 feet to 31 feet, 145 dock doors, 24 by 36-foot column spacing and ample trailer parking.
The building is currently divisible for multi-tenant occupancy, with several demising walls in place that can accommodate footprints of approximately 100,000 square feet or more. Phoenix will make a number of structural and cosmetic upgrades to the facility.
Located within proximity to Interstate 40 and 240, the property is close to new Amazon and Nike distribution centres. The submarket has limited lease ready supply available.
“Historically, we have received more national search inquires for the Memphis market than any other MSA,” said Kurt Jensen, senior VP of acquisitions and leasing for Phoenix.
“The combination of geographic location, transportation infrastructure, and affordable market rents make it the ideal marketplace to serve tenants searching for distribution East of the Rockies.”
Phoenix is focused on expanding its footprint in Tennessee with this investment and other pending acquisitions. “2019 was a historic year for us on many levels,” said Frank Crivello, founder and chairman of Phoenix.
“We are excited to continue our growth in 2020 and beyond, actively searching for additional industrial value-add opportunities.”
Phoenix Investors’s core business is revitalizing former manufacturing facilities throughout the United States.
Phoenix’s affiliate companies hold interests in approximately 29 million square feet of industrial, retail, office, and single tenant net-leased properties across 23 states. Phoenix principally specializes in the renovation and repositioning of large, former single tenant industrial facilities throughout the United States that were previously owned by major corporate clients, REITs, or financial institutions.