ATLANTA, Jan. 15, 2025 - JLL Capital Markets announced today the sale of the Stateline and Crossroads Logistics Package, two Class A distribution centers totaling 589,598 square feet in the Memphis, Tennessee MSA.
JLL worked on behalf of the seller, IDI Logistics LLC, while Sealy & Company acquired the asset.
The portfolio consists of two fully leased, state-of-the-art facilities: the 347,604-square-foot Stateline Building K at 1660 Stateline Road in Southaven, Mississippi and the 241,994-square-foot Crossroads Building L at 12914 Stateline Road in Olive Branch, Mississippi.
Both buildings feature 32-foot clear heights, ESFR sprinkler systems, ample parking and flexible layouts to accommodate single or multi-tenant uses. Stateline K is leased to Motivational Fulfillment & Logistics Services, which services SharkNinja at the facility. Crossroads L is fully air-conditioned and leased to American Musical Supply, which is among the world's largest suppliers of quality musical equipment.
Situated in two state-of-the-art industrial parks, the package is located in Memphis' booming DeSoto submarket, which benefits from proximity to FedEx's World Hub, Memphis International Airport, the Port of Memphis, five Class I railroads and major highways including I-55 and US-78. This location also offers tenants access to a robust labor force, with over 423,000 workers within a 30-minute drive. The northern Mississippi address provides additional benefits through the state's favorable business policies and tax environment, including potential foreign trade zone status and freeport warehouse tax abatements.
The JLL Investment Sales and Advisory was led by Senior Managing Directors Matt Wirth, Britton Burdette and Dennis Mitchell and Director Jim Freeman. Managing Director Jack Wohrman spearheads the leasing efforts for the property.
"This portfolio represented an outstanding opportunity to acquire two Class A distribution facilities in one of the country's premier logistics hubs," said Wirth. "With its strategic location, strong tenant roster and modern specifications, the Stateline and Crossroads package is well-positioned to capitalize on the robust demand for high-quality industrial assets in the Memphis market."
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL's newsroom.
IDI Logistics is a leading developer and operator of logistics real estate in the U.S. The fully-integrated logistics platform has a long track record of speculative development, build-to-suits and value-add acquisitions. Since 1989, IDI Logistics has developed and acquired more than 100 world-class business parks and 750 warehouses totaling over 220 million SF throughout North America.
Sealy & Company, a fully-integrated commercial real estate investment, and operating company, is a recognized leader in acquiring, developing, and redeveloping regional distribution warehouse, industrial/flex, and other commercial properties. Sealy provides a full-service platform for high-net-worth individuals and institutional investors through our development, management, and brokerage divisions. Sealy & Company has an exceptional team of over 100 employees, located in five offices, with corporate offices in Dallas, TX and Shreveport, LA.
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Jones Lang LaSalle Inc. published this content on January 15, 2025, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on January 15, 2025 at 14:32:23.924.
