VOL. 127 | NO. 232 | Wednesday, November 28, 2012
Firm Selected to Market Mall of Memphis Site
By Sarah Baker
The local office of Jones Lang LaSalle has been selected to market the former Mall of Memphis property for industrial tenants.
Johnson Development Associates Inc. closed in April on the 113-acre site in the southwest quadrant of Interstate 240 and Perkins Road for $2.7 million. The Spartanburg, S.C.-based developer plans to build an industrial park called Aerotropolis Logistics Park that can accommodate two or more speculative or build-to-suit facilities of up to 1.2 million square feet.
The site is being marketed for a variety of logistics, distribution, manufacturing and break-bulk operations. Leading those marketing efforts are Russ Westlake, managing director of Chicago-based Jones Lang LaSalle’s Memphis office, and associate broker Jack Wohrman.
“The site really has it all – a great location in the third-busiest trucking corridor in the U.S., with direct access to I-240 and convenient access to all of the region’s major highways, intermodal yards, airport facilities and Port of Memphis operations,” Westlake said in a release.
Aerotropolis Logistics Park site is within three miles of Memphis International Airport, the FedEx Express Global Super Hub, the United Parcel Service Regional Sorting Hub and the United States Postal Service Sorting Center.
The site is also four miles from the recently expanded BNSF Railway Co. intermodal facility and 12 miles from the Port of Memphis. The region has invested $1.2 billion in the past decade on rail infrastructure.
“We believe this site offers many supply chain efficiencies in the heart of a growing and dynamic logistics market,” said Andy Halligan, market leader for Johnson Development Associates’ Mid-Gulf South Region. “JDA is excited about growing our business in Memphis and providing high-quality industrial development solutions on this site and throughout the market.”
Potential incentives for tenants include eligibility for Foreign Trade Zone designation, New Market Tax Credits and payment-in-lieu-of-taxes.
“Memphis is one of the most important industrial hubs in the United States,” said Garrett Scott, president of Johnson Development Associates’ Industrial Division. “We’re extremely bullish on the prospects for industrial development in this growing market, and we look forward to providing clients in Memphis the same high-quality, Class A projects that we’ve developed in other markets. Jones Lang LaSalle offers us an ideal combination of local market expertise and a world-class real estate services platform.”