Memphis, TN – January 15, 2021 – Woodhill Real Estate purchased its first property in the Memphis market, a 268,000-sq.-ft. industrial property located at 5020 Tuggle Road in Memphis. CBRE has been assigned the facility’s property management and leasing efforts by the new owner. The deal closed on January 7, 2021.
The new owner, Woodhill Real Estate is a New York-City based real estate investment firm with a focus on industrial properties and has been very active in acquiring industrial assets throughout the Southeast.
“The property is extremely well located, has obvious upside potential through lease restructuring and with the implementation of our capex plan, we expect to establish this asset as a best-in-class option for warehouse and logistics tenants. The acquisition basis and off-market nature of this investment in particular made this a very compelling opportunity for us and we are thrilled to be the new owners,” said Daniel Kuflik, Principal at Woodhill Real Estate.
CBRE’s Kevin Clarkson will be coordinating the property management of the facility. Patrick Walton of CBRE will lease the building on behalf of the new owner, Woodhill Real Estate.
Located in the heart of Memphis’ growing Southeast submarket, the Class A industrial property provides direct access to Highway 78 and is in close proximity to FedEx’s World Headquarters. The building is currently 100 percent occupied.
“The CBRE team is proud to work with Woodhill Real Estate and provide exceptional property management and leasing to its new industrial facility,” said Mr. Clarkson, director of property management at CBRE in Memphis. “Memphis’ industrial market and the Southeast submarket have stayed strong throughout the past year and we know this building will continue to contribute to the industrial market’s success and growth.”
According to CBRE Research, the Memphis industrial market posted a record-breaking year in 2020, an impressive feat given the ongoing global pandemic. Notably, the market posted over three million sq. ft. of positive net absorption in Q4 2020, bringing the annual net absorption total to over 12 million sq. ft., more than any other year.CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.