A fund sponsored by CBRE World Traders has acquired Memphis World Crossing, a newly constructed, Class A logistics facility in Memphis, Tenn., from DHL Provide Chain, which is able to stay the primary tenant on the web site. In response to public data, DHL paid $20.3 million for the 421,470-square-foot asset in June 2020.
The Financial Growth Progress Engine for Memphis & Shelby County (EDGE) offered a seven-year Growth PILOT to facilitate DHL’s acquisition of the property, retaining 105 jobs contained in the county. The EDGE Neighborhood Emergency Financial Growth (NEED) Grant was created amid the COVID-19 outbreak to assist companies within the space.
Positioned at 6200 World Drive on a 24-acre web site adjoining to U.S. Route 78, the property sits 8 miles southeast of the FedEx World Hub on the Memphis Worldwide Airport, whereas BNSF Railway intermodal yard is lower than 4 miles north. The client was interested in Memphis’ acknowledged distribution hub standing in addition to its multi-modal transportation system, in keeping with James Munsell of CBRE World Traders.
Giant and tall
Developer Robinson Weeks Companions broke floor on the speculative challenge in October 2018, set to turn into one of many largest Class A industrial developments within the metropolis, as reported by Business Attraction. The corporate is at present growing Memphis World Crossing II throughout the road from the unique warehouse, at 6099 World Drive.
Accomplished in 2019, the property gives 32-foot clear heights; 204 auto and 119 trailer parking areas; 125 dock doorways with two drive-in doorways and 6-inch bolstered concrete slabs. The asset additionally options 60-foot pace bays and an ESFR fireplace safety system.
The acquisition of World Crossing continues CBRE’s shopping for spree of business belongings in 2020, together with places all through the U.S. and Europe. In November, the corporate picked up a two-property, 1.4 million-square-foot logistics portfolio in Pennsylvania and Georgia from Duke Realty.