Cushman & Wakefield Brokers 800,000-Sq.-Ft. Industrial Lease in Memphis

MEMPHIS, Tenn. - Nov. 6, 2015 - PRLog -- Commercial real estate services firm Cushman & Wakefield has brokered an 800,000-square-foot industrial lease at Memphis Oaks 3, bringing the speculative property to 100 percent occupancy. The transaction at 3860 E. Holmes Road in Memphis represents the largest 2015 transaction to date in that market.

Patrick Walton and Kemp Conrad from Cushman & Wakefield/Commercial Advisors represented Panattoni Development Co., the property’s owner. Michael Reid and Tim O’Callaghan Binswanger represented the tenant, a Fortune 500 retail company.

"This significant commitment by a major credit tenant illustrates the fuel that is powering the record industrial year we are having in the Memphis region,” Walton noted. “Year-to-date, more than 12 million square feet in leasing has occurred here, with nearly half of the activity taking place in the third quarter alone.” According to Cushman & Wakefield research, industrial vacancy in the region has dropped to 11.1 percent, the lowest level recorded in market history.

Conrad added: “Our firm was honored to arrange this blockbuster lease, representing over 18 acres under one roof. We are also excited about the community impact of the hundreds of jobs and millions of dollars in capital investment this transaction will generate.”

The new tenant will occupy 500,000 square feet set to be returned by Sharp Electronics at year-end, as well as 300,000 square feet of currently vacant space. Memphis Oaks 3 also serves as home to General Electric, which occupies approximately 225,000 square feet.

"We are pleased to have Memphis Oaks 3 fully leased,” said Panattoni Development’s Whitfield Hamilton. “It was the last speculative development completed in Memphis, and we have worked hard and waited a long time to find the right customer to fully utilize this great asset. We appreciate the confidence of our new customer in Panattoni. This deal represents good growth and investment in process and people for the region, and demonstrates that there is sustained absorption in Shelby County.”

Cushman & Wakefield’s industrial brokerage platform provides global resources and local expertise for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis. In 2014 globally, this group completed more than 8,200 industrial lease and sale transactions, including Capital Markets transactions, totaling nearly 337 million square feet with an aggregate value in excess of $16.8 billion.

The successful merger of Cushman & Wakefield and DTZ closed September 1, 2015. The firm now operates under the iconic Cushman & Wakefield brand and has a new visual identity and logo that position the firm for the future and reflect its trusted global legacy and wider history. The new Cushman & Wakefield is led by Chairman & Chief Executive Officer Brett White and Global President Tod Lickerman. The company is majority owned by an investor group led by TPG, PAG, and OTPP.

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About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. The firm’s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.