A Memphis industrial park is under new ownership after a mega-million-dollar transaction.
Century Center Business Park, located off Interstate 40 near Whitten Road, sold for $48.25 million. Holiday Fenoglio Fowler L.P. (HFF) was hired by the seller, GID Investment Advisers (GID), to market the property. GID purchased the park in 2005.
Taurus Investment Holdings LLC is the buyer of the seven-building, 520,000-square-foot light industrial park. Cushman & Wakefield/Commercial Advisors will continue to handle the leasing and management for the Century Center Business Park.
“We are pleased to have made our third investment in the Memphis market with the acquisition of Century Center Business Park,” said Peter A. Merrigan, CEO of Taurus Investment Holdings LLC. “The strong tenancy and continued growth within the park and in the Memphis market as a whole provided a compelling investment opportunity for Taurus and its investors. We look forward to continued growth in this market sector in the years to come.”
The business park sits on a 50-acre site and is part of the larger Century Center mixed-use development. The seven buildings that comprise the Century Center Business Park are broken into four industrial buildings with 22-foot to 24-foot clear heights and three office buildings. The major tenant uses are pharmaceutical, hospital, advertising and distribution.
HFF director Marty Busekrus and managing director Pat Sullivan led the company’s team on the sale. Rich Sullivan, vice president of GID, was the point person for his company.
“The Memphis industrial sector came alive in 2015, absorbing more than 8 million square feet, which is more than the three previous years combined,” Busekrus said. “The absorption was 3.4 percent of existing stock, which is the highest in the Southeast. Century Center Business Park is an incredible park with a unique story and one of the strongest tenant bases in the Memphis area.”
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
