HSA ADDS TO MEMPHIS PORTFOLIO; 344,400 SF INDUSTRIAL FACILITY ACQUIRED
September 30, 2008
Robert E. Smietana, CEO and vice chairman, HSA Commercial Real Estate, announced that the firm has acquired a fully-leased 344,400-square-foot industrial warehouse at 5321 Shelby Drive, Memphis, Tenn. This acquisition extends HSA’s Tennessee portfolio to over 2.6 million square feet of property.
5321 Shelby Drive was constructed in phases, beginning in 1986 with additions in 1993 and 1996. The current tenant, Crews, Inc., was the original owner of the property and offered the property to HSA in a sale-leaseback transaction. Crews, a leading manufacturer and distributor of safety gear, eyewear, helmets, goggles and gloves, has a long-term lease at the facility and will remain in the property. They were represented in the sale by Hank Martin with NAI Saig Co.
The property is located in a prime distribution location in the southeast market of Memphis, near the Memphis International Airport, on 26.56 acres. Memphis is located 60 miles from the center of the U.S. population and can serve two-thirds of the US on an overnight basis. Because of the attractiveness of the Memphis industrial market, HSA began investing in commercial properties in the area back in 2006 with the acquisition of 5100 Hickory Hill, a 131,510-square-foot single-tenant warehouse. The portfolio has grown to include the prestigious Willow Lake Business Park and Corporate Park projects, totaling over 2 million square feet.
Celebrating 27 years of excellence in commercial real estate, Chicago-based HSA Commercial Real Estate is a full-service real estate firm specializing in office, industrial, retail and health care real estate leasing, management, marketing, development and financing on a national basis. Along with developing all kinds of commercial real estate across the United States, its brokerage divisions have completed more than 7,500 transactions in 43 states representing both owners and tenants, the asset management division currently manages a property portfolio in excess of 15 million square feet in 12 states and the firm presently owns over 17 million square feet of commercial property in 14 states.
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