Core5 Acquires 173 Acres to Develop 2.5 MSF Industrial Business Park in DeSoto County, Mississippi
DESOTO COUNTY, MISS. — Atlanta-based Core5 Industrial Partners has acquired a 173-acre land site to develop DeSoto 55 Logistics Center, a 2.5 million-square-foot business and logistics park in DeSoto County, located just across the state border from Memphis, Tenn. Anticipated development costs will exceed $125 million, according to a news release from the developer.
Core5 will immediately begin construction on two speculative buildings of office and warehouse space totaling 883,720 square feet. Both buildings are planned for delivery this fall.
The 582,400-square-foot Building A is expandable up to 1.5 million square feet and will offer 36-foot clear heights, 98 trailer storage spaces and 342 car parking spaces. Building B, totaling 301,320 square feet, will feature 32-foot clear heights, 80 trailer storage spaces and 270 auto spaces.
Located at U.S. Highway 51, the park will offer close proximity to the I-55 transportation corridor. Upon planned completion by the end of 2019, DeSoto 55 Logistics Center will accommodate over 2.5 million square feet in up to five separate buildings.
The acquisition marks Core5’s entry into the greater Memphis market.
“After an extensive review of potential development sites and interviews with local employers, it was clear that the location of DeSoto 55 Logistics Center offered superior access not only to highway and logistics infrastructure but also to a large, qualified labor pool from which to attract the workforce — two key factors considered by logistics operators. DeSoto 55 Logistics Center offers exceptional access to both,” says Lisa Ward, senior vice president and managing director of Core5.
Dan Wilkinson, Brad Kornegay and Allen Wilkinson of Colliers International will handle marketing and leasing for the park on behalf of Core5.
Core5 currently maintains over 7.5 million square feet in development activity nationally.