An affiliate of Phoenix Investors acquired the 785,000-square-foot industrial building at 3231 Paul R Lowry Road in Memphis, Tennessee.
Previously owned by Electrolux, the acquisition brings Phoenix’s portfolio to a total in excess of 75 million square feet, concluding another accretive year of growth.
Offering premier production space, furnished modern offices, and a full-service cafeteria, the property includes a cooling tower, heavy electrical power feeds, cranes, a chemical storage room, wastewater treatment capabilities, and ESFR fire suppression. The complex also features 61 dock doors, 7 drive-in doors, and clear heights up to 40 feet.
Situated on over 217 acres and boasting 949 automobile spaces and 142 trailer spaces, the facility is located across the street from the Canadian National Intermodal facility and CSX while still offering easy access to I-55. Built in 2013, the facility is also port capable and is 100% air conditioned.
Phoenix also acquired an additional 580 acres of developable industrial land from Electrolux. Phoenix is currently accepting proposals for the land in the form of build to suit opportunities, long-term ground leases, and potential sales.
In October, Phoenix announced the acquisition of another former Electrolux facility in St. Cloud, Minnesota, which totaled over 922,000 square feet.
Electrolux halted production in Memphis in June 2022 and moved operations to its new facility in Springfield, TN. The transaction was brokered by Paul J. Danko, Senior Managing Director at Savills.
