Cushman & Wakefield announced today that its Capital Markets group has represented DCT Industrial Trust in the sale of six industrial properties within its Memphis industrial portfolio. Located in the Southeast Memphis submarket, the portfolio comprises six class A+ bulk industrial warehouses totaling 2.3 million square feet. In addition, acquisition financing for the buyer, Welsh Property Trust, was arranged by Cushman & Wakefield’s Equity, Debt and Structured Finance team.
The transaction closed February 20, 2015. The purchase price was not disclosed.
Members of the Cushman & Wakefield team that marketed the property included Executive Director Stewart Calhoun, Executive Director David Meline, Senior Director Samir Idris and Director Casey Masters. Acquisition financing was arranged by Senior Managing Director Mike Ryan, Managing Director Brian Linnihan, and Director Jeff Walker. Memphis market expertise was provided by Executive Vice President Shane Soefker and Vice President Jacob Biddle from Cushman & Wakefield/Commercial Advisors.
Built between 1998 and 2001, the six buildings are located in three of the most well-established business parks in Southeast Memphis: Eastpark, Chickasaw and Southpoint. The portfolio was 100 percent leased to 11 tenants at the time of sale.
The properties sold in the transaction include:
Eastpark I – 5300 Hickory Hill Road
Eastpark II – 5405 Hickory Hill Road
Chickasaw A – 5950 Freeport Avenue
Chickasaw H – 6190 Freeport Avenue
Southpoint IV – 4800 Pleasant Hill Road
Southpoint XIX – 5166 Pleasant Hill Road
Cushman and Wakefield’s 2015-2017 Industrial Real Estate Forecast reports that the North American industrial sector is poised to continue its resurgence as key sectors like e-commerce, manufacturing, technology and energy fuel progress in key industrial hubs across the continent.