Distribution facility near Memphis sells
JLL Capital Markets closed the sale of the fully leased building in Horn Lake, MS
ATLANTA, July 26, 2021 – JLL Capital Markets announced today that it has closed the sale of DeSoto A2, a 328,355-square-foot, Class A, newly constructed bulk distribution facility triple net leased to Toshiba in the suburban Memphis community of Horn Lake, Mississippi.
JLL Capital Markets worked on behalf of the seller, Preylock Holdings. Bixby Land Company purchased the asset.
Part of the DeSoto 55 Logistics Center, DeSoto A2 was completed in 2020 to core, Class A state-of-the-art construction specifications. The single-tenant building features a 36-foot clear height, ESFR fire protection, TPO roof, ample auto and trailer parking and an abundance of dock-high doors with view windows.
DeSoto A2 is located at 1453 Commerce Pkwy. in Horn Lake, a suburb less than 20 miles south of downtown Memphis, and within the Desoto industrial submarket, which is one of the most active submarkets in the entire Memphis metro area. This infill location just off Interstate 55 is near Memphis International Airport. Additionally, the property has unparalleled regional access along with proximity to multiple intermodal facilities, including Canadian National Harrison Yard, BNSF Railway and Norfolk Southern.
The JLL Capital Markets team representing the seller was led by Dennis Mitchell, Matt Wirth, Britton Burdette, Jim Freeman and Mitchell Townsend, along with Jack Wohrman with JLL Agency Leasing.
“This offering provided the buyer with a best-of-class industrial property in one of Memphis’s premier industrial submarkets,” Dennis Mitchell said. “Well-located, core, industrial offerings in Southeastern markets such as this continue to be in high demand, and we expect to see this trend continue for the foreseeable future.”
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 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 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Preylock Holdings
Preylock Holdings is a private equity real estate acquisition and management company with $3 billion in assets under management. Founded in Los Angeles in 2016, Preylock serves investors that range from institutional capital and publicly traded corporations to high-net-worth family offices. Preylock’s portfolio includes over 3.5 million square feet of office investments, under both value-add and core-plus strategies, and also includes over 4.2 million square feet of best-in-class industrial investments.
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.