{"id":1004501158,"date":"2020-12-23T05:12:05","date_gmt":"2020-12-23T13:12:05","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004501158"},"modified":"2020-12-23T05:12:05","modified_gmt":"2020-12-23T13:12:05","slug":"cbre-global-investors-buys-memphis-warehouse","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cbre-global-investors-buys-memphis-warehouse\/","title":{"rendered":"CBRE Global Investors Buys Memphis Warehouse"},"content":{"rendered":"<div id=\"attachment_1004501161\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/12\/Memphis-Global-Crossing.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004501161\" data-attachment-id=\"1004501161\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/cbre-global-investors-buys-memphis-warehouse\/memphis-global-crossing\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/12\/Memphis-Global-Crossing-e1608648054179.jpg\" data-orig-size=\"576,432\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Memphis Global Crossing\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Memphis Global Crossing&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/12\/Memphis-Global-Crossing-e1608648054179.jpg?w=576\" class=\"wp-image-1004501161 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/12\/Memphis-Global-Crossing-e1608646610863.jpg\" alt=\"\" width=\"300\" height=\"225\"><\/a><p id=\"caption-attachment-1004501161\" class=\"wp-caption-text\">Memphis Global Crossing. <em>Image courtesy of CBRE Global Investors&nbsp;<\/em><\/p><\/div>\n<p>A fund sponsored by CBRE Global Investors has acquired Memphis Global Crossing, a newly built, Class A logistics facility in Memphis, Tenn., from DHL Supply Chain, which will remain the main tenant at the site. According to public records, DHL paid $20.3 million for the 421,470-square-foot asset in June 2020.<\/p>\n<p>The Economic Development Growth Engine for Memphis &amp; Shelby County (EDGE) provided a seven-year Expansion PILOT to facilitate DHL\u2019s acquisition of the property, retaining 105 jobs inside the county. The EDGE Neighborhood Emergency Economic Development (NEED) Grant was created amid the COVID-19 outbreak to support businesses in the area.<\/p>\n<p>Located at 6200 Global Drive on a 24-acre site adjacent to U.S. Route 78, the property sits 8 miles southeast of the FedEx World Hub at the Memphis International Airport, while BNSF Railway intermodal yard is less than 4 miles north. The buyer was attracted to Memphis\u2019 recognized distribution hub status as well as its multi-modal transportation system,&nbsp;according to James Munsell of CBRE Global Investors.<\/p>\n<h2>Large and tall<\/h2>\n<p>Developer Robinson Weeks Partners broke ground on the speculative project in October 2018, set to become one of the largest Class A industrial developments in the city, as reported by <em>Commercial Appeal<\/em>. The company is currently developing Memphis Global Crossing II across the street from the original warehouse, at 6099 Global Drive.<\/p>\n<p>Completed in 2019, the property offers 32-foot clear heights; 204 auto and 119 trailer parking spaces; 125 dock doors with two drive-in doors and 6-inch reinforced concrete slabs. The asset also features 60-foot speed bays and an ESFR fire protection system.<\/p>\n<p>The purchase of&nbsp;Global Crossing continues CBRE\u2019s buying spree of industrial assets in 2020, including locations throughout the U.S. and Europe. In November, the company <a href=\"https:\/\/www.commercialsearch.com\/news\/cbre-buys-1-4-msf-industrial-portfolio\/\">picked up a two-property<\/a>, 1.4 million-square-foot logistics portfolio in Pennsylvania and Georgia from Duke Realty.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Delivered in 2019, the 421,470-square-foot asset is one of the largest Class A logistics properties in Tennessee&#8217;s Shelby County.<\/p>\n","protected":false},"author":739,"featured_media":1004507880,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21748,21742],"tags":[35095,34893,35952],"class_list":["post-1004501158","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-industrial","category-latest","tag-cbre-global-investors","tag-dhl","tag-robinson-weeks-properties"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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