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VOL. 128 | NO. 53 | Monday, March 18, 2013

New York Firm Buys Distribution Center for $24.7 Million

By Sarah Baker

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Gramercy Capital Corp. has acquired Hacks Cross Logistics Center Building 1 in Olive Branch for $24.7 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 sits on 66 acres at 9105 Hacks Cross Road, at the southwest corner of its intersection with 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 and Philips Electronics.

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 76 133 9,499
MORTGAGES 89 164 11,910
FORECLOSURE NOTICES 0 0 2,278
BUILDING PERMITS 161 403 21,081
BANKRUPTCIES 64 106 7,442
BUSINESS LICENSES 17 33 3,345
UTILITY CONNECTIONS 114 225 11,504
MARRIAGE LICENSES 25 53 2,656

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