Avison Young Capital Markets Group Brokers $16.5 Million Sale of Southeast Industrial Portfolio4 Apr 2019
Memphis, TN – Avison Young, the world’s fastest-growing commercial real estate services firm, announced that it has negotiated the sale of six industrial/flex buildings totaling 545,000 square feet (sf) in Willow Lake Business Park. Located at Willow Lake Boulevard and East Raines Road, the Class A properties were sold to Faropoint Ventures for $16.5 million. Principals Shane Soefker and Jacob Biddle represented the seller, Congaree River, in the disposition.
Willow Lake Business Park sits on 100 acres of park-like scenery in the heart of the bustling Southeast industrial submarket, 4 miles east of Memphis International Airport and a short 7-minute drive from BNSF Railway’s Intermodal Facility. This sale follows Faropoint’s acquisition of 4049 Willow Lake Boulevard in April 2018, bringing the total of their owned buildings in the park to seven. Current tenants in Willow Lake Business Park include Batesville Logistics, FedEx, Terminix, Comsale, and Pyramid Food Service.
Occupiers and investors are drawn to the Southeast submarket due to the area’s world-class multimodal transportation infrastructure, affordable rents, and unmatched logistics workforce. “This transaction further demonstrates investor appetite for high quality assets in the Memphis industrial market,” states Jacob Biddle of Avison Young’s Memphis Capital Markets Group. “Strong leasing demand and positive rental growth continue to improve fundamentals and encourage groups to deploy capital here.”