Phoenix Investors Snag 1.4MSF Memphis Industrial Facility
Milwaukee-based private commercial real estate firm Phoenix Investors has acquired a 1.4 million-square-foot industrial facility in Memphis. The sales price and seller were not disclosed.
Built in 1973 with an addition in 1981, the property is a former distribution center for Sears. The facility, which is located at 3456 Meyers Rd., features clear heights ranging from 24 feet to 31 feet, 145 dock doors and 24-foot by 36-foot column spacing. Phoenix plans to implement its capital improvement plan in the coming months, making a number of structural and cosmetic upgrades to the facility.
Atlantic Capital Bank provided senior mortgage financing to Phoenix in the transaction. Jack Wohrman and Russ Westlake of JLL brokered the sale.
“Historically, we have received more national search inquires for the Memphis market than any other MSA,” said Kurt Jensen, senior vice president of acquisitions and leasing at 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.”
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