VOL. 110 | NO. 95 | Tuesday, May 14, 1996
5-14 chg IDI warehouse
IDI starts construction
on new spec warehouse
By CAMILLE H. GAMBLE
The Daily News
Industrial Developments International has begun construction on its sixth building in the companys Memphis Distribution Center located on Hickory Hill Road.
IDIs new project, a $5 million, 200,000-square-foot speculative warehouse, will consist of about 5 percent office space. The building, at 4075 Hickory Hill Road, should be completed by August, said Kurt Nelson, leasing associate with IDI.
Nelson said the company has just recently begun negotiating with possible tenants.
Memphis Distribution Center, a 186-acre park IDI purchased two years ago, was the former site of a proposed Kellogg Co. plant that was never built. So far, IDI has built about 1.8 million square feet of warehouse space on the property. Nelson said in about two more years, the company should have completed the remaining buildings to total about 3.2 million square feet, the plan for the park.
"We have four buildings completed and another one under construction in addition to the new one," Nelson said. "The demand is still there so we are still building. We have a little bit of vacancy, but for the most part, the completed buildings are occupied.
"We will likely continue with construction as long as leasing continues," Nelson said.
Kajima Construction Services Inc. is the contractor on the new project.
Also under construction in the warehouse market is a project at 4895 Pleasant Hill Road being built for Panattoni & Van Valkenburgh by Buco Building Construction Inc., according to a building permit filed April 30 in the Shelby County Construction Code Enforcement Office.