4025 & 4063 Viscount

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1,006,000 Total Sq Ft Warehouse Space For Sale or Lease

Transcript of 4025 & 4063 Viscount

  • 4 0 2 5 & 4 0 6 3V I S C O U N T AV E N U E

    4025 & 4063 Viscount AvenueMemphis, TN 38118Southeast Submarket

    1,006,000 Total Sq Ft WAREHOUSE SPACEFor Lease or Sale

    David B. Curran, Jr., CCIMDirect: 901.273.2358Cell: [email protected]

    FOR MORE INFORMATION:

    www.commadv.com

    NORTH

    4025 VISCOUNT AVE

    4063 VISCOUNT AVE

  • 2

  • 34 0 2 5 & 4 0 6 3 V I S C O U N T AV E N U E

    I. INTRODUCTION

    II. PROPERTY

    III. MARKET

    IV. LOCATION

  • 4I . I N T R O D U C T I O N

    Approximately one million square feet in two connected properties

    38.87 +/- acre site in excellent location

    Clear ceiling heights ranging from 32 to 20

    Office build out of approximately 6%

    Ample parking for cars, trucks, and trailer storage

    Superior interstate access, plus a direct route to the Memphis International Airport only 2.5 miles away

    Each building is well suited to either single or multiple tenants

    PROPERTY HIGHLIGHTS

    Cushman & Wakefield / Commercial Advisors is pleased to

    offer to qualified investors or tenants the opportunity to pur-

    chase or lease 4025 & 4063 Viscount Avenue, a one million

    square foot warehouse facility located in Memphis, TN. Previ-

    ously occupied in its entirety by Cleo Gift Wrap, the Property

    offers a prime location in Memphis core Southeast industrial

    submarket. The highly visible site is located at the intersection

    of Viscount Avenue and Regal Boulevard and provides excel-

    lent access to the Memphis International Airport and the sur-

    rounding Interstate Highways.

    Pricing: Asking $6.00 per square foot for purchase

    Asking $1.85 NNN for lease

  • 5

  • 6I I . P R O P E RT Y

    Corporate HQRoof Age: 199560,760 sf Office

    Giftwrap AssemblyRoof Age: 201121 clear height

    PrintingRoof Age: 201120 clear height

    Giftwrap AssemblyRoof Age: 201120 clear height

    WarehouseRoof Age: 2011

    height

    WarehouseRoof Age: 199632 clear height

    WarehouseRoof Age: 199620 clear height

    WarehouseRoof Age: 199632 clear height

    32 clear

    100,416+/- SF

    243,000 +/- SF 124,600 +/- SF

  • 7Address: 4025 and 4063 Viscount Avenue Memphis, Tennessee 38118

    Rentable Area: Warehouse: 904,324 Sq Ft Mezzanine: 41,323 Sq Ft

    Office: 60,919 Sq Ft

    Total: 1,006,170 +/- Sq Ft

    Building Type: Warehouse/Distribution Zoning: I-H Heavy Industrial DistrictLand Area: 38.87 +/- acresYear Built: In phases from 1963 to 1979Occupancy: Available starting 12/31/11Construction: Concrete tilt-up Ceiling Height: Ranges of 32 (approximately 50% of Prop-

    erty) to 20 clear height

    Truck Doors: 64 covered dock high doors, 3 ramp ac-cess docks, 26 rail docks, 2 grade level

    doors

    Column Spacing: Varies; 33 x 25 most consistentFire Sprinkler: Wet pipe system throughout interior

    rated at 2,000 gpm; dry system on exte-

    rior docks

    Rail Service: Burlington Northern Inc. rail spursGas Service: Available to both buildingsPower Supply: Ranges from 1,000 to 6,000 KVA, 23 KV

    primary in most zones, with 480/3-ph

    secondary

    HVAC: Roof top package units provide condi-tioned air to office, giftwrap, and printing

    areas. Warehouse space is not condi-

    tioned.

    Improvements: The following improvements were com-pleted in 2005 & 2011:

    HVAC Upgrades: $566,000

    Roof Improvements: In excess of $1M

    Restrooms/Misc.: $120,000

    Parking Lot: $110,000 (9/11)

    * Perimeter fencing and access gates surround both buildings

    * Emergency egress lighting throughout

    WAREHOUSE AT-A-GLANCE

  • 8With its central location and excellent infrastruc-ture, Memphis is one of the most important lo-gistics centers in the United States. The Memphis industrial market contains five separate submar-kets as shown in the table on the following page. The dominant submarkets are the Southeast (loca-tion of 4025 & 4063 Viscount Ave), Southwest and DeSoto County, MS submarkets. These submarkets account for the vast majority of industrial space in the city and more importantly, the majority of ab-sorption, leasing and construction activity in recent years.

    The total industrial inventory in the Memphis mar-ket area is 145,422,531 square feet in 1,135 build-ings as of the end of second quarter 2011. The warehouse sector comprises the vast majority of the Memphis market, consisting of 139,254,731 square feet in 961 buildings. The balance is comprised of the flex sector, which consists of 6,027,300 square feet in 270 buildings. Included in this, there are 189 owner occupied buildings ac-counting for 25,510,216 square feet of space.

    Currently housing 78,190,212 square feet, the Southeast submarket makes up 54% of the entire metro Memphis market with average quoted rents ranging from $1.50 to $3.95 psf for properties containing at least 100,000 square feet. This reflects the wide variety of Class B and A product located throughout the Southeast submarket. The Southeasts current overall vacancy rate of 15.3% is third lowest of the five submarkets in the Memphis area. This vacancy rate has averaged below 16% over the last four years due in part to steady absorption and the decline of new construction.

    I I I . M A R K E T

    SOUTHEAST INDUSTRIAL SUBMARKET

    MEMPHIS INDUSTRIAL MARKET

    240MemphisInternational Airport

  • 9MEMPHIS INDUSTRIAL - MID YEAR - 2011

    METROPOLITAN MEMPHIS

    Viscount Warehouse

  • 10

    I V. L O C AT I O N

    Memphis is one of the foremost global logistics centers in the United States because of its strategic location near

    the population center of the country. The city is home to one of the worlds key shipping and logistics airports,

    vast interstate and railway systems, and one of the most critical navigable waterways in the US, the Mississippi

    River.

    Located at the southwestern tip of the state of Tennessee, Memphis is the regions primary economic focal point

    and the states largest city with a population of 1.3 million. Memphis serves as a critical manufacturing and distri-

    bution hub for products bound for each region of the country and beyond. Highlights of Memphis include:

    Home to FedEx World Air and World Ground Hubs. Founded in Memphis

    in 1973, currently employing over 32,000 local professionals, FedExs ongo-

    ing $2B national expansion continues to substantiate its Memphis facilities.

    A major inland port highlighted by its connectivity to large international

    and national markets.

    Memphis International Airport (two miles west of 4025 & 4063 Viscount)

    has reported the second largest worldwide cargo volume for 2010 and

    was previously the worlds largest cargo airport for the last 17 years.

    At the crossroads of four critical national Interstates (I-40, I-55, the pro-

    posed I-22, and the future I-69), Memphis anchors one of the busiest

    trucking corridors in the US.

    Memphis boasts 5 of the USs top six long-haul Class 1 rail systems, BNSF,

    CSX, Norfolk Southern, Canadian National, and Union Pacific, which touch

    $550 Billion of domestic and international freight annually.

    The BNSF Intermodal facility, less than two miles southeast of 4025 & 4063

    Viscount, recently completed a $200 Million expansion.

    Host to an enormous inventory of international companies with large

    national distribution centers including Nike, Williams Sonoma, Johnson &

    Johnson Health Care Services, Technicolor, Nissan Parts, Kroger, Kraft, and

    Pfizer.

    With a highly-skilled and specialized workforce, Memphis leads the nations

    top 100 cities with the highest workforce percentage involved in logistics,

    transportation, warehousing, and utilities.

    MEMPHIS OVERVIEW

  • 11

    SOUTHEAST OVERVIEW

    The Viscount warehouses are located in Memphis Southeast industrial submarket, the dominant industrial sec-

    tor in the city. Anchored by the Memphis International Airport, it holds the citys largest concentration of both

    value-oriented Class B properties and newer Class A properties. The Southeast submarkets location highlights

    include:

    Immediate access to Memphis International Airport

    Excellent access for both trucks and passenger vehicles via multiple interchanges at I-240, I-40, and I-55,

    Memphiss primary interstates

    Numerous major surface arteries including State Highways 72 and 78

    Rail service provided by Burlington Northern, Inc., including a spur serving the Property

    Dominated by the Memphis Airport Industrial Park, a restricted subdivision with excellent infrastruc-

    ture and appealing developments

    Continued influx of new and expanding tenants in the past year including Williams-Sonoma, Exel Logis-

    tics, QPSI and Scansource Inc,

    Viscount Warehouse

    240

    Global SuperHub

    Intermodal

  • David B. Curran Jr., CCIMDirect: 901.273.2358Cell: [email protected]

    FOR MORE INFORMATION:

    www.commadv.com

    No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors, omissions,

    change of price, rental or other conditions, withdrawal without notice, and to any specific listing conditions imposed by our principals.

    Cushman & Wakefield/Commerical Advisors 5101 Wheelis Drive , Suite 300, Memphis, TN 38117 901.366.6070