Robinson Weeks Companions has acquired two industrial buildings spanning 831,974 sq. toes in Olive Department, Miss., a Memphis, Tenn., submarket. Hillwood beforehand owned the asset duo, in accordance with CommercialEdge information. Cushman & Wakefield represented the vendor.
This buy marked Robinson Weeks’ first buy underneath its Industrial Acquisition Fund. The funding car, along with the Robinson Weeks Industrial Alternative Fund IV, garnered commitments of roughly $152 million in 2024.
The 2 services are a part of the 10-building Legacy Park, a 6.8 million-square-foot industrial campus developed by Hillwood. The property is roughly 3 miles from the Olive Department Airport, whereas the Memphis Worldwide Airport is about 16 miles northeast. A BNSF railway station operates some 10 miles away.
READ ALSO: Industrial Gross sales Costs Inched Up in 2024
Encompassing 448,942 sq. toes, the cross-dock property at 11363 Progress Manner options 36-foot clear heights whereas the 383,032-square-foot rear-load constructing at 11384 Progress Manner consists of 32-foot clear heights. The duo contains a mixed complete of 138 dock doorways, 514 auto parking spots and 182 trailer areas.
Each belongings have been absolutely leased on the time of sale. The tenant roster consists of Wheeler Fleet Options, which operates an e-commerce achievement and distribution middle, and Buske Logistics, a warehousing and 3PL firm.
Cushman & Wakefield Vice Chairman Stewart Calhoun and Govt Director Casey Masters represented Hillwood.
Since Robinson Weeks closed its first actual property fund in 2010, the corporate has acquired and developed 22.2 million sq. toes of Class A industrial warehouse area valued at $2 billion.
One in all its developments is in North Charleston, S.C. The agency broke floor on the 635,328-square-foot industrial venture dubbed Charleston World Crossing early final 12 months. On the time, it was thought of the biggest speculative industrial venture within the metropolis.
Memphis industrial belongings promote for much less as pipeline ramps up
Metro Memphis’ industrial funding quantity amounted to $362 million throughout the first 11 months of 2024, in accordance with a CommercialEdge report. Property traded for $57 per sq. foot—considerably beneath the nationwide common of $128 per sq. foot. The market posted the bottom costs throughout the Southeast, beneath Charlotte, S.C., ($79 per sq. foot) and Atlanta ($115 per sq. foot).
In the meantime, the metro’s industrial pipeline totaled 10.5 million sq. toes. That represented 3.5 p.c of complete inventory, an index which ranked third nationally. Solely Phoenix (5.7 p.c) and Kansas Metropolis, Mo., (3.9 p.c) surpassed the Dwelling of the Blues.
Because the market’s building exercise ramped up, the commercial emptiness fee stood at 8.6 p.c in November, 110 foundation factors larger than the nationwide common, the report reveals. Industrial rents grew by 4.6 p.c year-over-year via November, beneath the nationwide common progress of 6.9 p.c throughout the identical interval.
One of many market’s important industrial offers of final 12 months was additionally a portfolio transaction. Faropoint bought a 1.7 million-square-foot, 16-building industrial portfolio in Memphis and Jacksonville, Fla., in August 2024. The gathering, which included 12 belongings in Memphis, bought for $105 million in an off-market transaction.
