{"id":1004052070,"date":"2012-02-17T07:06:46","date_gmt":"2012-02-17T15:06:46","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=35750"},"modified":"2025-02-25T23:43:31","modified_gmt":"2025-02-26T07:43:31","slug":"area-partners-nucor-invest-in-memphis-industrial-submarket-mountain-development-plans-new-apartment-community","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/area-partners-nucor-invest-in-memphis-industrial-submarket-mountain-development-plans-new-apartment-community\/","title":{"rendered":"AREA Partners, Nucor Invest in Memphis Industrial Submarket; Mountain Development Plans New Apartment Community"},"content":{"rendered":"<p>By Amalia Otet, Associate Editor<\/p>\n<p>AREA Properties Partners, a global real estate investment and asset manager headquartered in New York City, recently acquired a $23.6 million industrial portfolio in Memphis from Kansas City Life Insurance Co. The package includes Southpark H at 4650 Quality Dr., Southpark G at 4481 Pleasant Hill, Memphis Distribution D at 4100 Quest Way and Memphis International Airport Center at 3363 MIAC Cove. The four buildings total 834,708 square feet, according to the <em>Memphis Business Journal<\/em>, and were fully leased at the time of sale, with notable tenants including Cummins Inc., McKesson Corp. and Krone North America.<\/p>\n<p>The seller was represented by Cushman &amp; Wakefield\u2019s Southeast Capital Markets Group and in cooperation with the company&#8217;s commercial advisers division in Memphis.<\/p>\n<p>In other industrial news, Nucor Steel Memphis Inc. has applied for a 15-year PILOT from the Memphis Economic Development Growth Engine for a $113 million expansion project at its Paul R. Lowry Road facility, according to a <em>Memphis Business Journal<\/em> story.\u00a0 If it comes to fruition, the project will generate 27 new jobs locally, with an average salary of $75,000 per year. The Charlotte, N.C.-based company also plans to acquire 42 acres of land on the east side of Paul Lowry Road to expand its rail infrastructure.<\/p>\n<p>Additionally, the <em>Memphis Business Journal<\/em> reports that Birmingham, <a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/02\/rmd_logo.png\"><img decoding=\"async\" loading=\"lazy\" class=\"alignright size-medium wp-image-35751\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/02\/rmd_logo.png\" alt=\"\" width=\"300\" height=\"91\" \/><\/a>Ala.-based Red Mountain Development plans to break ground on a 328-unit apartment community at the southwest corner of Winchester and Forest Hill-Irene roads.<\/p>\n<p>The $29 million project is part of the Forest Hill Heights Planned Development and will feature 12 buildings to be spread over 20 acres. Miller Creek Apartments will consist of three-story apartment buildings with amenities such as a clubhouse, an outdoor pool and a community park.<\/p>\n<p>From more local news from Memphis, <a href=\"https:\/\/www.multihousingnews.com\/city-pages\/memphis\" target=\"_blank\" rel=\"nofollow noopener\">click here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Amalia Otet, Associate Editor AREA Properties Partners, a global real estate investment and asset manager headquartered in New York City, recently acquired a $23.6 million industrial portfolio in Memphis from Kansas City Life Insurance Co. The package includes Southpark H at 4650 Quality Dr., Southpark G at 4481 Pleasant Hill, Memphis Distribution D at [&#8230;]<\/p>\n","protected":false},"author":1269,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21782,21748,21742],"tags":[],"class_list":["post-1004052070","post","type-post","status-publish","format-standard","hentry","category-brokerage","category-development","category-industrial","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>AREA Partners, Nucor Invest in Memphis Industrial Submarket; Mountain Development Plans New Apartment Community - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/area-partners-nucor-invest-in-memphis-industrial-submarket-mountain-development-plans-new-apartment-community\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AREA Partners, Nucor Invest in Memphis Industrial Submarket; Mountain Development Plans New Apartment Community\" \/>\n<meta property=\"og:description\" content=\"By Amalia Otet, Associate Editor AREA Properties Partners, a global real estate investment and asset manager headquartered in New York City, recently acquired a $23.6 million industrial portfolio in Memphis from Kansas City Life Insurance Co. The package includes Southpark H at 4650 Quality Dr., Southpark G at 4481 Pleasant Hill, Memphis Distribution D at [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/area-partners-nucor-invest-in-memphis-industrial-submarket-mountain-development-plans-new-apartment-community\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-02-17T15:06:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-26T07:43:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/02\/rmd_logo.png\" \/>\n<meta name=\"author\" content=\"the Editors of Commercial Property Executive\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/area-partners-nucor-invest-in-memphis-industrial-submarket-mountain-development-plans-new-apartment-community\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/area-partners-nucor-invest-in-memphis-industrial-submarket-mountain-development-plans-new-apartment-community\\\/\"},\"author\":{\"name\":\"the Editors of Commercial Property Executive\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/1b82b91678533ae5d40e3240086a42bb\"},\"headline\":\"AREA Partners, Nucor Invest in Memphis Industrial Submarket; 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