Core5 Industrial Partners Completes the first phase of DeSoto 55 Logistics Center and signs its first lease with DSV Solutions in greater Memphis market
ATLANTA, October 15, 2018 – Atlanta-based Core5 Industrial Partners announced today the completion of two inventory buildings in their first development in the greater Memphis Market, DeSoto 55 Logistics Center. DeSoto 55 Logistics Center is a 175-acre Class-A business park, located in Horn Lake, MS along the I-55 Corridor less than 10 miles to Memphis International Airport, and will encompass over 2.5 million square feet once fully developed. The initial phase of the development was completed in October 2018 and included Building A1, a 581,475 SF cross-dock facility, which is expandable to over 1 million square feet and Building B, which is a 300,145 SF rear-load building. In addition to the completion of the first two buildings, Core5 also signed a pre-lease of 200,000 SF in Building B to DSV Solutions.
“Located less than two minutes from I-55 via Church Road (Exit 287), the property provides outstanding access and proximity to a large and abundant non-union labor pool. This is an ideal location for both regional and national distribution given. The pro-business environment of DeSoto County further strengthens the benefits of this location,” states Lisa Ward, Senior Vice President and Managing Director for Core5.
DSV Solutions leased 200,000 square feet in Building B and will begin operations in January 2019. DSV Solutions, a wholly-owned subsidiary of DSV A/S based in Denmark, is a publicly-traded global provider of supply chain solutions to a board set of customers across multiple industries. DSV is the fifth largest freight forwarder in the world and had significant growth in the United States after their $1.5 billion acquisition of UTi in January 2016. DSV will utilize the entire 200,000 square feet for an existing client’s distribution facility servicing the Eastern United States. The Colliers International team of Dan Wilkinson, Allen Wilkinson and Brad Kornegay represented Core5 in the lease transaction and represent Core5 on the entire development.
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 and named for its five core business principles, Core5 was capitalized in 2015 by Kajima USA Group following the sale of their $2 billion-dollar portfolio. With current development activity totaling over 4.9 million square feet in Atlanta, Chicago, Cincinnati, Dallas, Los Angeles/Inland Empire, Memphis, Pennsylvania and South Florida, Core5 has developed over 10 million square feet since its inception in just under three years. Expansion plans include additional key logistic hubs throughout the US. For more information on Core5 Industrial Partners, visit www.c5ip.com.