VOL. 127 | NO. 110 | Wednesday, June 6, 2012
Commercial Advisors Awarded Industrial Listing
By Sarah Baker
Cushman & Wakefield/Commercial Advisors Asset Services LLC has been awarded listing and management of the 900,000-square-foot industrial space at 5461 Davidson Road, the largest vacancy in the Memphis market.
The Class A space in the Southeast industrial submarket was formerly housed by electronic appliance distributor Hamilton Beach Brands Inc. before the company relocated to a 1.2 million-square-foot building in Olive Branch.
The space, which has been vacant since July 2011, was previously listed by Colliers International.
Patrick Walton, who joined the firm earlier this year as vice president, will oversee leasing and management at 5461 Davidson, owned by Carlsbad, Calif.-based Memphis Industrial Park Investors Inc.
“During the recent activity, Memphis has been attractive to out-of-town users,” Walton said. “Not only are we going to market it locally, but also regionally and nationally through our Cushman & Wakefield platform.”
The 900,000-square-foot space was built in 1998 and has direct access to Highway 78 (future I-22). It has 13,305 square feet of office space, 124 dock doors and 30-foot clear height.
The space is divisible at the 500,000-square-foot mark to allow for two users, but that might not be necessary, Walton said.
“We feel that the 900,000-square-foot deal is what will end up happening, just based on market activity right now,” he said. “From the standpoint of inventory right now on the market, there’s not a whole lot of options at a certain square foot threshold and up. This is the largest contiguous availability.”
Walton said Commercial Advisors is tracking about 8 million square feet of deals in the market, and there are only “a handful of options right now.”
“If one or two of those pop, we might be the one of only two options left,” Walton said.
Walton also referenced Atlanta-based Industrial Developments International Inc., which began building in April two speculative buildings in its Crossroads Distribution Center in Olive Branch – marking the area’s first spec construction since 2008 due to high industrial demand.
Walton previously worked for CB Richard Ellis Memphis for six years, where he mostly recently was responsible for leasing Bellbrook Industrial Park in Southwest Memphis, owned by Trammell Crow Co. That property saw more than 40 transactions a year.
“Just the volume of deals helped me out understanding and learning how to think like a landlord,” Walton said.
In addition to 5461 Davidson, Walton also is involved with the old HSA Commercial portfolio, including 1.5 million square feet in Willow Lake Business Park and Corporate Park in Hickory Hill, which sold back to the lender in October.