By: Tom Bailey, Daily Memphian
An Atlanta firm that develops industrial real estate will “immediately” start building a 957,400-square-foot warehouse in its new industrial park at Miss. 302 and I-269 in Marshall County, Mississippi.
The cross-dock facility, “Building D,” will be the first of five buildings totaling 3 million square feet that Core5 Industrial Partners will erect on the 221 acres it acquired at the highway junction southeast of Memphis, according to a press release from the company.
The new industrial park is named I-269 Logistics Center. The first building is scheduled to be completed early next year, and can be expanded to 1.74 million square feet. The facility will feature 40-foot-tall, clear ceilings, which is the space a tenant can use to store products on racks. The facility will accommodate parking for 391 trailers and 597 automobiles.
Lisa Ward, senior vice president and managing director for Core5, said in a release, “Located at Highway 302 and I-269, the property provides outstanding highway visibility and access coupled with easy proximity to the Memphis rail line which is the third most-connected rail center in the world.
“Memphis is one of only three cities to have five Class I railroads — Norfolk Southern, BNSF, CN, Union Pacific, and CSX. This will be an ideal facility for e-commerce fulfillment,” Ward said. Read More
423,665 SF Harvill Business Center Purchased by Black Creek Group
ATLANTA, April 6, 2021 – Atlanta-based Core5 Industrial Partners announced today the recent sale of Harvill Business Center, a 423,665-square-foot modern logistics facility to Black Creek Group. The project completed construction in early 2020 to Class A construction specifications and incorporates the latest in technology with a Ductilcrete® concrete floor slab, 36’ vertical clear height, 2.5% skylights, LED lighting, a gated concrete truck yard, on-site truck stacking and low water landscaping. Harvill Business Center is fully leased on a long-term basis to American Standard (a subsidiary of Lixil Corporation), a leading North American plumbing and building products manufacturer.
“The location, building quality, site functionality and the tenant were all key elements which made this asset highly sought after by investors,” stated Jon Kelly, Vice President of Development for Core5. “Core5 is very bullish on the Riverside County market and has another 197,865-square-foot project under construction in the area. We continue to see significant demand in the area with absorption demand outpacing supply.”
Black Creek Group continues to invest in high-quality bulk and last-mile distribution warehouses in top-tier, high-barrier-to-entry markets. With this acquisition, the firm owns approximately 7.6 million square feet of industrial real estate in the Inland Empire, which includes properties under construction.
“Demand for industrial space is being felt across the country, especially in the Inland Empire – one of the strongest industrial markets demonstrated by leasing activity outpacing supply,” said Gregg Boehm, managing director, market officer at Black Creek Group. “This acquisition represents the well-located, Class A space that the firm is committed to owning, and we are excited to secure this transaction as the market continues to tighten.”
Core5 and Black Creek Group were represented on the investment sale by Michael Chavez of Lee & Associates.
About Core5 Industrial Partners
Core5 Industrial Partners is an industrial real estate property company with expertise in development of Class-A properties featuring the latest innovations throughout the United States. Headquartered in Atlanta, Georgia, Core5 has development activity in Atlanta, Chicago, Cincinnati/Northern Kentucky, Columbus, Dallas, Houston, Indianapolis, Los Angeles/Inland Empire, Louisville, Memphis, Nashville, Pennsylvania and South New Jersey with expansion plans to additional key logistic hubs in the US. Founded in 2015, the company has developed or begun construction on 26 million square feet since inception.
Immediate access to capital, coupled with the ability to financially support deals on their balance sheet without utilizing third party resources on most transactions, Core5 executes quickly without layers of bureaucratic, time-consuming processes. The company is privately held by 170-year-old Japanese-based Kajima Corp – one of the world’s largest A credit-rated construction companies with whom C5 leadership has sustained a 30+ year working relationship.
Named for its five core principles, the company values are centered around a highly flexible entrepreneurial spirit promising follow through on commitments with an emphasis on relationships, excellence in quality, attention to detail and quick decision making. For more information on Core5 Industrial Partners, visit www.c5ip.com.
About Black Creek Group
Black Creek Group is a leading real estate investment management firm that invests in institutional quality commercial real estate across the U.S. The firm manages diverse offerings across the industrial, multifamily, office and retail sectors – providing a range of investment solutions for both institutional and wealth management channels. Over its more than 25-year history the firm has bought or built over $23 billion of investments. As of December 31, 2020, the firm had a national footprint of 70.6 million square feet across 31 U.S. markets, including properties under control and development. Learn more at blackcreekgroup.com.
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.