Phoenix Investors Purchases 1.4 MSF Former Sears Distribution Center in Memphis

MEMPHIS, TENN. — Milwaukee-based Phoenix Investors LLC has acquired an approximately 1.4 million square-foot industrial facility located at 3456 Meyers Road in Memphis. The property is currently vacant and will be marketed to new users for lease as a distribution facility. Atlantic Capital Bank provided acquisition financing to Phoenix Investors. JLL’s Jack Wohrman and Russ Westlake represented the seller, Sears Holdings Corp., in the transaction. Originally built in 1973 with an addition in 1981, the facility is a former distribution center for Sears. The property has clear ceiling heights ranging from 24 feet to 31 feet, 145 dock doors, 24-by-36-foot column spacing and trailer parking. The building is currently divisible for multi-tenant occupancy. Phoenix plans to make structural and cosmetic upgrades to the facility in the coming months. Located near Interstates 40 and 240, the property is less than 20 miles from both Amazon and Nike’s new distribution centers.