Construction Slated to Begin Immediately on the initial two buildings of the new business park, Desoto 55 Logistics Center, which will include a 583,000 SF cross-dock facility expandable up to 1.5MSF and a 301,000 SF rear-load building, both of which will deliver in Fall 2017.
ATLANTA, March 22, 2017 – Atlanta-based Core5 Industrial Partners announced the acquisition of 173-acre fully of entitled land located at US Highway 51, in DeSoto County along the I-55/I-69 corridor to develop a 2.5 MSF business and logistics park named Desoto 55 Logistics Center. Core5 will immediately begin construction on 883,720 square feet of Class-A office/warehouse space in two buildings: a 582,400-square-foot facility which is expandable to 1.5 MSF and a 301,320-square-foot rear-load building, which will offer higher office build-out capability. Both buildings will offer speculative space for delivery in Fall 2017. DeSoto 55 Logistics Center will provide an outstanding business environment in a park-like setting with close proximity to the I-55 transportation corridor and a deep and qualified labor pool from which to draw potential workforce. Other key attributes of DeSoto 55 Logistics Center are the pro-business environment of both DeSoto County and the City of Horn Lake, MS coupled with the flexibility of building designs offering space for companies desiring 85,000 SF to over 1.5MSF. At full build-out, anticipated by the end of 2019, DeSoto 55 Logistic Center will accommodate over 2.5 MSF in up to five separate buildings.
The 582,400-square-foot cross dock Building A-1 is expandable up to 1,500,000 square feet and will showcase 36’ clear height coupled with generous parking at 98 trailer storage spaces, expandable to 175, and 342 auto spaces. Building B is a 301,320-square-foot rear load facility offering 32’ clear heights and 80 trailer storage spaces together with 270 auto spaces. Both buildings feature 6’ DuctilCrete slabs with joints only at column lines.
The acquisition marks Core5’s entry into the Memphis market. Core5 CEO Tim Gunter announces, “We are pleased to enter the Memphis market in what we believe is one of the finest properties within the greater Memphis Industrial Market. Tim Gunter, the former CEO of IDI, has overseen years of successful development in the Memphis Industrial Market, and looks forward to continuing that success with the acquisition of DeSoto 55 Logistics Center.
“After an extensive review of potential development sites and interviews with local employers, it was clear that the location of DeSoto 55 Logistics Center offered superior access not only to highway and logistics infrastructure but also to a large, qualified labor pool from which to attract the workforce. The two key factors considered by logistics operators is immediate access to transportation infrastructure and access to a qualified labor pool – DeSoto 55 Logistics Center offers superior access to both,” said Lisa Ward, Senior Vice President and Managing Director of Core5.
“The State of Mississippi, DeSoto County and the City of Horn Lake have created a pro-business environment,” declares Rodney Davidson, Vice President Investments for Core5. “They have been great to work with and any business looking at DeSoto 55 Logistics Center should expect to find them responsive and easy to work with as well.”
“The DeSoto Council is encouraged that a company of the professional stature and impeccable reputation of Core 5 would select our county and the City of Horn Lake as their latest industrial development venture in the establishment of the DeSoto 55 Logistics Center. The Core 5 partnership that will be achieved with the local and state officials will ensure that our area continues to win the top supply chain and logistics centers in the Mid South and we look forward to the success of this investment” said Jim Flanagan, President/CEO for DeSoto County Economic Development Council.
Colliers International’s Memphis team of Dan Wilkinson, Brad Kornegay and Allen Wilkinson will handle marketing and leasing for DeSoto 55 Logistics Center on behalf of Core5. “The Colliers International team has been exceptional partner in the execution of Core5’s acquisition of this property and their marketing efforts to date. Core5 is fortunate to have such a well-respected company and team as our marketing partner on this project, said Lisa Ward, of Core5.
About Core5 Industrial Partners
Core5 Industrial Partners is an industrial real estate property company with expertise in development and acquisition of Class-A industrial properties throughout the United States. Headquartered in Atlanta, Georgia, Core5, named for its five core business principles, was capitalized in 2015 by Kajima USA Group, whose $2 billion industrial holdings were sold in 2013 to Brookfield with the sale of IDI. With current development activity totaling over 7.5MSF in Atlanta, Chicago, Dallas, Los Angeles/Inland Empire, Memphis and South Florida, Core5 expansion plans include the key logistic hubs throughout the US. For more information on Core5 Industrial Partners, visit www.c5ip.com.