Wednesday, January 6, 2016

HFF closes $48.25 million sale of 7-building light industrial park in Memphis, TN

Century Center Business Park, Century Center Parkway, Memphis, TN

Marty Busekrus
MIAMI, FL, Jan. 6, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed on the sale of Century Center Business Park, a seven-building, light industrial business park totaling 520,052 square feet in northeast Memphis, Tennessee.  

HFF marketed the property on behalf of the seller, GID Investment Advisers (GID), led by GID Vice President Rich Sullivan, who oversaw the asset throughout GID’s successful 10-year investment period.  

Taurus Investment Holdings, LLC purchased the park.  Cushman and Wakefield/Commercial Advisors will retain leasing and management for Century Center Business Park.

Situated on 50 continuous acres, Century Center Business Park is located off of Interstate 40, one of the most travelled interstates in the U.S., at 1590, 1600, 1610, 1620, 1640, 1670 and 1680 Century Center Parkway.  

Memphis is regarded as the “North American Distribution Center” since the city is the world headquarters for FedEx, which uses Memphis International Airport as its distribution hub, in addition to its centralized location; rail access and its proximity to the Mississippi River. 

Century Center Business Park has a mix of four industrial buildings with 22’ to 24’ clear heights and three office buildings.  Major tenant uses include pharmaceutical, hospital, advertising and distribution. 

Pat Sullivan
The HFF team representing the seller was led by director Marty Busekrus and managing director Pat Sullivan.

“The Memphis industrial sector came alive in 2015, absorbing more than eight million square feet, which is more than the three previous years combined,” Busekrus said. 

“The absorption was 3.4 percent of existing stock, which is the highest in the Southeast.  Century Center Business Park is an incredible park with a unique story and one of the strongest tenant bases in the Memphis area.”

“We are pleased to have made our third investment in the Memphis market with the acquisition of Century Center Business Park,” Peter A. Merrigan, CEO of Taurus Investment Holdings LLC, said. 

“The strong tenancy and continued growth within the park and in the Memphis market as a whole provided a compelling investment opportunity for Taurus and its investors.  We look forward to continued growth in this market sector in the years to come.”

For a complete copy of the company’s news release, please contact:

 Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

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