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VOL. 128 | NO. 52 | Friday, March 15, 2013

Gramercy Capital Acquires $25 Million Distribution Facility

By Sarah Baker

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Gramercy Capital Corp. has acquired Hacks Cross Logistics Center Building 1 in Olive Branch for $24.65 million from Hillwood Investment Properties.

New York City-based Gramercy Capital paid all cash for the 605,427-square-foot, Class A distribution center that once housed Mazda North America Inc. It marks the commercial real estate investment and asset management firm’s first purchase in the Memphis area.

Dallas-based Hillwood Investment Properties bought the DeSoto County building for $13.5 million in February 2012. Built in 1995, the property is situated on 66 acres at 9105 Hacks Cross Road, at the southwest corner of Stateline Road. It has 30-foot clear height, cross dock configuration, ESFR fire sprinkler systems and 87 9-foot-by-10-foot dock doors.

The industrial facility is 100 percent leased to Philadelphia-based value retailer Five Below Inc. through Dec. 31, 2022. The building also includes an adjacent 13.8-acre land parcel with capacity for an additional 250,000-square-foot building.

Gramercy Capital owns a portfolio of 116 office and industrial buildings totaling approximately 4.9 million square feet, net leased on a long-term basis to tenants, including Bank of America, Nestlé Waters, Philips Electronics and others.

Gramercy Capital’s website lists acquisition criteria for transactions as “single asset and portfolio acquisitions, sale leasebacks, build-to-suits” with more than 10 years remaining on the lease term and a target deal size of $5 million to $75 million.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 56 213 3,968
MORTGAGES 74 283 5,549
FORECLOSURE NOTICES 15 36 1,236
BUILDING PERMITS 0 178 9,317
BANKRUPTCIES 61 169 3,825
BUSINESS LICENSES 34 108 1,662
UTILITY CONNECTIONS 0 194 5,137
MARRIAGE LICENSES 14 63 1,087

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