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| Century Center Business Park, Century Center Parkway, Memphis, TN |
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| 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.
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| 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 | www.hfflp.com
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