FedEx Warehouse Sells for $14.6M

MEMPHIS-A 450,000-square-foot distribution warehouse leased to locally based FedEx Corp. has been purchased by Monmouth Real Estate Investment Corp. for $14.6 million free and clear of debt. The Dallas office of Holliday Fenoglio Fowler LP closed the sale on behalf of Harbin Group Ltd.

Representing the seller from HFF’s investment sales team were director Jud Clements, executive managing director Jody Thornton and associate director Robby Rieke. Jim Mercer with CB Richard Ellis in Memphis, who had negotiated the lease with FedEx, also assisted in the building’s sale.

The FedEx Supply Chain Services Facility is located at US 78 and Tuggle Road, three miles southeast of Memphis International Airport. The 15-year-old building is fully leased to FedEx’s supply chain division, which stores and distributes critical inventory for corporate clients.