{"id":1004069135,"date":"2013-03-19T10:46:04","date_gmt":"2013-03-19T18:46:04","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=109557"},"modified":"2025-02-19T06:05:45","modified_gmt":"2025-02-19T14:05:45","slug":"gramercy-buys-24m-distribution-facility-fortune-500-company-signs-414ksf-lease","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/gramercy-buys-24m-distribution-facility-fortune-500-company-signs-414ksf-lease\/","title":{"rendered":"Gramercy Buys $24M Distribution Facility; Fortune 500 Company Signs 414KSF Lease"},"content":{"rendered":"<p><em>By Eliza Theiss, Associate Editor<\/em><\/p>\n<p>Gramercy Capital Corp. has announced closing on the acquisition of an <a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/03\/memhpisindq42012vacancy3.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-111128\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/03\/memhpisindq42012vacancy3.jpg\" alt=\"\" width=\"300\" height=\"170\" \/><\/a>Olive Branch, Mississippi distribution facility for $24.65 million in an all-cash transaction. The Class A industrial facility is 100 percent leased through December 2022. The property also includes an adjacent 13.8-acre site capable of holding a second, 250,000-square-foot facility.<\/p>\n<p><a href=\"https:\/\/www.memphisdailynews.com\/\" target=\"_blank\" rel=\"nofollow noopener\"><em>The Memphis Daily News<\/em><\/a> identified the 605,427-square-foot property as Hacks Cross Logistics Center Building 1. According to the publication, Hillwood Investment Properties sold the building fully leased to value retailer Five Below Inc., based in Philadelphia.<\/p>\n<p>New York-based Gramercy Capital,\u00a0a self-managed, integrated commercial real estate investment and asset management company, owns directly or in joint venture a 116-property office and industrial portfolio totaling circa 4.9 million square feet, net leased on a long-term basis to entities that include Bank of America and Philips Electronics.<\/p>\n<p>In other news, Fortune 500-listed TJX Companies, Inc. has signed a lease for all <a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/03\/tj-maxx.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-109565\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/03\/tj-maxx.jpg\" alt=\"\" width=\"300\" height=\"199\" \/><\/a>unoccupied space in the Southeast Memphis Chickasaw Distribution Center Building D. According to the <a href=\"https:\/\/www.bizjournals.com\/\" target=\"_blank\" rel=\"nofollow noopener\"><em>Memphis Business Journal<\/em><\/a>, TJX will move into the space in several phases. During phase one, TJX will take up 207,024 square feet during the first 18 months. The remaining space of the total 414,504 square feet will be taken up afterwards.<\/p>\n<p>TJX\u2019s move is expected to generate 40 new jobs. The company intends to invest around $1 million to upgrade the facility and a further $5.9 million on equipment. TJX is seeking a Memphis-Shelby County Economic Development Growth Engine tax abatement for the project.<\/p>\n<p>TJX is a leading off-price retailer of home fashions in the U.S. and worldwide. Ranking at 125, The Fortune 500 company operates under the TJ Maxx, Marshalls and HomeGoods brands in the US market.<\/p>\n<p><em>Photo courtesy of the TJ Maxx Facebook page<\/em><\/p>\n<p><em>Chart courtesy of CBRE Memphis<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gramercy Capital Corp., a self-managed, integrated commercial real estate investment and asset management company has announced closing on the acquisition of an Olive Branch, Mississippi distribution facility for $24.65 million in all-cash transaction.<\/p>\n","protected":false},"author":49,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[],"class_list":["post-1004069135","post","type-post","status-publish","format-standard","hentry","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>Gramercy Buys $24M Distribution Facility; Fortune 500 Company Signs 414KSF Lease - 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\/gramercy-buys-24m-distribution-facility-fortune-500-company-signs-414ksf-lease\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gramercy Buys $24M Distribution Facility; Fortune 500 Company Signs 414KSF Lease\" \/>\n<meta property=\"og:description\" content=\"Gramercy Capital Corp., a self-managed, integrated commercial real estate investment and asset management company has announced closing on the acquisition of an Olive Branch, Mississippi distribution facility for $24.65 million in all-cash transaction.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/gramercy-buys-24m-distribution-facility-fortune-500-company-signs-414ksf-lease\/\" \/>\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=\"2013-03-19T18:46:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-19T14:05:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/03\/memhpisindq42012vacancy3.jpg\" \/>\n<meta name=\"author\" content=\"Eliza Theiss\" \/>\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\\\/gramercy-buys-24m-distribution-facility-fortune-500-company-signs-414ksf-lease\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/gramercy-buys-24m-distribution-facility-fortune-500-company-signs-414ksf-lease\\\/\"},\"author\":{\"name\":\"Eliza Theiss\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/de1353a5de72f96494054df3ecca7de4\"},\"headline\":\"Gramercy Buys $24M Distribution Facility; 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