June 4, 2018
Memphis Depot, a 43-building industrial portfolio totaling 4.2 million square feet in Memphis, has traded hands for $50 million. A team from HFF also secured $32.5 million in acquisition financing for a partnership between Mt. Kisco, NY-based Diamond Properties and funds managed by Atlanta-based Ares Management, L.P.
Originally constructed in 1942 as a military supply base for use in World War II, the military used the facility until 1997 when it was redeveloped into an industrial park by the city of Memphis and Shelby County. The portfolio is 91% leased and features three groupings of distribution and warehouse facilities on 265 acres.
HFF’s Adam Herrin, Stephen Bailey and Jason Nettles marketed the property at 2163 Airways on behalf of the seller, Mayfield Properties, LP. HFF’s Brian Carlton, David Wheless and Nielsen Koepfgen placed the seven-year, fixed-rate acquisition loan with Allegiant Real Estate Capital.
Memphis Depot is the largest single-asset industrial trade in Memphis in nearly two years.
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