Class A Memphis-area distribution facility trades
JLL Capital Markets closed the sale of the new multi-tenant industrial property in Southaven, Mississippi
ATLANTA, Oct. 25, 2021 – JLL Capital Markets announced today that it has closed the sale of Southaven Distribution Center I, a new, fully leased, 156,825-square-foot, Class A distribution facility in the greater Memphis area.
JLL marketed the property on behalf of the seller, Distribution Realty Group. Bixby Land Company acquired the asset as part of its strategic Southeastern U.S. expansion.
Completed in 2020, Southaven Distribution Center I features tilt-wall construction, a 32-foot clear height, 28 loading positions, ESFR fire protection and a low office finish. It is fully leased to three tenants
Southaven Distribution Center I is located on 8.72 acres at 8921 Airways Blvd. in Southaven, a suburb on the Tennessee-Mississippi border approximately 12 miles south of downtown Memphis. The facility is within the highly sought-after Desoto Industrial submarket, which is one of the most active submarkets in the Memphis MSA due to its infill location just off Interstate 55 and immediacy to Memphis International Airport. Additionally, the property location provides excellent access to the entire Mid-South region and proximity to multiple intermodal facilities.
The JLL Capital Markets Investment Sales and Advisory team that represented the seller was led by Dennis Mitchell, Matt Wirth, Britton Burdette and Mitchell Townsend, along with Jack Wohrman with JLL Agency Leasing.
“This transaction represents continued momentum in the Memphis Industrial market,” Dennis Mitchell sad. “Well-located, core, industrial assets in southeastern markets such as this continue to be in exceptionally high demand. This offering provided the buyer with a best-of-class industrial property in one of Memphis’s premier industrial submarkets.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Distribution Realty Group
Distribution Realty Group LLC is a privately owned industrial real estate firm with offices in Chicago and Nashville. The firm has acquired and developed over 7.6 million square feet of industrial and distribution facilities since its founding in 2013. For more information, visit distributionrealty.com.
About Bixby Land Company
Bixby Land Company is a privately held real estate investment trust that is a leading commercial real estate owner, operator and investment manager with $1.3 billion of assets under management. Bixby owns and operates a portfolio of industrial and office properties throughout the United States that totals 9.3 million square feet. The company was founded in 1896 and is based in Newport Beach, California. Additional information about the company can be found at bixbyland.com.