Olymbec Pays $23M for 1.8M SF Industrial Park
Olymbec USA, part of Canadian commercial and residential real estate owner and manager Olymbec, has announced the acquisition of Bellbrook, a 1.8 million square-foot industrial park located at the intersection of Brooks Road and I-55, next to the Olymbec-owned Space Center Industrial Portfolio, within the heart of the Memphis’ distribution hub.
By Eliza Theiss, Associate Editor
Olymbec USA announced the acquisition of Bellbrook Industrial Park, a 1.8 million square-foot industrial park located at the intersection of Brooks Road and I-55, next to the Olymbec-owned Space Center Industrial Portfolio within the heart of the Memphis’ distribution hub.
Olymbec is now able to accommodate any size industrial tenant in Memphis, according to its website.
According to CBRE’s asset library, the park comprises 13 industrial buildings spread over 100 acres, built between 1968 and 1974. The asset recently underwent an $8 million renovation process, which includes exterior painting of all buildings, resurfacing of truck courts, installation of new roof systems, landscaping improvements, new lighting at building entrances and truck courts, new monument signage and addition of several entrances.
Onsite amenities include 24-hour security broadband Internet access. Buildings provide flexible bays, grade level, as well as dock level doors and 18-foot clearance heights. Bellbrook has easy access to I-55, I-240, Highway 61, Memphis International Airport, and the CN Intermodal Gateway Memphis Terminal at Frank Pidgeon Industrial Park. Bellbrook tenants include DHL, Office Max, ThysenKrupp Elevator, Commercial Appeal and Sherwin Williams among others.
According to The Memphis Daily News, Olymbec purchased Bellbrook from TC Bellbrook Retail LLC for $23.3 million. It also picked up the Caterpillar Logistic Services building at 5000 E. Raines Road for $8.6 million. According to the Memphis Business Journal’s coverage, the sellers were represented by CBRE Memphis, while Olymbec was represented by Trammel Crow Co. for the Bellbrook acquisition and a PNC Bank special servicer for the Caterrpillar building.
Olymbec USA is part of Olymbec Corporate Group, a Montréal –based family-run, private real estate firm that owns and manages industrial, office, retail and residential assets throughout North America. Its U.S. holdings are located in Memphis, Southaven, MS, Las Vegas, Garland, Texas and Clarksburg, West Virginia.
Image courtesy of OlymbecÂ
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