VOL. 127 | NO. 78 | Friday, April 20, 2012
IDI Set to Begin Construction On Three Olive Branch Bldgs.
By Sarah Baker
Industrial Developments International Inc. soon will begin construction on three buildings in Crossroads Distribution Center in Olive Branch, marking the first substantial Memphis-area speculative development since 2008.
Grading on the site will begin next week. Construction of Building B is scheduled for completion in September, with Building G slated for completion in October. Total warehouse and industrial space will range in size from 267,843 square feet in Building B to 869,892 square feet in Building G.
Additionally, IDI has been hired to construct Building E, a 615,305-square-foot build-to-suit for Brookfield, Wis.-based Milwaukee Electric Tool Corp., which is also scheduled to be completed in October.
The buildings will include features such as 32-foot and 36-foot clear height ceilings, Early Suppression Fast Response sprinkler systems and land for trailer storage.
When complete, the new buildings will total approximately 1.75 million square feet of inventory and build-to-suit industrial space.
Tim Moore, vice president of leasing for IDI Memphis, recently told The Daily News that IDI’s development is the combination of high demand and strong leasing activity over the past couple of years.
“Even though we’re only beginning to see positive, macro economic signals, the inventory is so low, and the activity level right now is so high that the market really needs this kind of space,” Moore said. “We’ve got to deal with competition in the best of markets, and right now, the competition level is such that we really see where spec products would be good for the market.”
Crossroads Distribution Center is a Class A, master planned business park with more than 3.2 million square feet currently developed or under construction in six buildings. Atlanta-based IDI acquired the 475-acre park in 2005.
IDI built Building F, the first structure in the park, in 2007 and it is now fully leased. In 2008, IDI built Building A, which is also fully leased.
IDI in February completed Building C, a build-to-suit for Anda Distribution, and recently announced the sale of that 234,660-square-foot building to Monmouth Real Estate Investment Corp. for $16.2 million.
When fully developed, Crossroads Distribution Center will be home to approximately 7 million square feet of space in 14 buildings.
Buildings A and F have both achieved Silver LEED certification from the U.S. Green Building Council, and Building C is pending Silver LEED. Buildings B, G and E have been designed to achieve LEED certification.