Media Releases Category: In The News
Atlanta-based Core5 Industrial Partners announced the sale of a 581,475-square-foot building located in Desoto 55 Logistic Center, a 173-acre park situated at US Highway 51 in DeSoto County along the I-55/I-69 corridor in the greater Memphis industrial market. The initial cross-dock facility, located at 1241 Commerce Drive, Horn Lake, MS, and known as Building A, was sold to a Fortune 500 company to use as a key facility in their distribution network. Elliot Embry with NAI in conjunction with NAI Global Corporate Solutions represented the undisclosed buyer.
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Core5 Industrial Partners made three big announcements on Wednesday.
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A German real estate fund manager said it just closed on the acquisition of Southwest 85 Logistics Center , a property that landed the largest industrial lease in metropolitan Atlanta last year.
GLL Real Estate Partners, the Munich-based real estate investment platform of Macquarie Group, bought the 1.2 million-square-foot distribution and logistics facility in Newnan, Georgia, from Core5 Industrial Partners, the Atlanta firm that developed the building.
Terms of the transaction were not disclosed. The price likely was in the range of $75 million to $87 million - or $62 to 72 per square foot - based on comparable sales of new, fully leased industrial assets in the area. A comparable building at 5000 Bohannon Road, also on Atlanta's Southside, that's fully leased to battery maker Duracell sold in 2017 for $71 per square foot.
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The first two buildings in the new DeSoto 55 Logistics Center have been completed and the first tenant has leased 200,000 square feet, developer Core5 Industrial Partners announced Monday.
DSV Solutions, a freight forwarder, is to start operations at the site in January.
DSV will use the 200,000 square feet for an existing client’s distribution facility serving the Southeast.
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HORN LAKE, MISS. — Atlanta-based Core5 Industrial Partners has completed its first two inventory buildings at DeSoto 55 Logistics Center, a business park in Horn Lake, a Mississippi town within the greater Memphis market. Situated along the Interstate 55 corridor, the 175-acre business park will feature more than 2.5 million square feet of Class A space once fully developed.
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Atlanta-based Core5 Industrial Partners announced the completion of its first two inventory buildings in their first development in the greater Memphis Market, DeSoto 55 Logistics Center.
DeSoto 55 Logistics Center is a 175-acre Class-A business park, located in Horn Lake and is less than 10 miles to Memphis International Airport. It will encompass over 2.5 million square feet once fully developed.
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Atlanta-based Core5 Industrial Partners announced today the completion of two inventory buildings in their first development in the greater Memphis Market, DeSoto 55 Logistics Center. DeSoto 55 Logistics Center is a 175-acre Class-A business park, located in Horn Lake, MS along the I-55 Corridor less than 10 miles to Memphis International Airport, and will encompass over 2.5 million square feet once fully developed.
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Atlanta is the logistics hub and economic engine of the Southeast, which is the fastest growing region in the country. Its 700 million square feet of industrial space makes it the fifth largest logistics market in the United States.
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