New Owners of Memphis Depot See Bright Future
The Dallas-based real estate investment firm that purchased the former Memphis Defense Depot, Tenn., is hoping to build on the success achieved by the Depot Redevelopment Corp. over the previous 14 years.
The new owners are planning a handful of changes intended to bring the property to the attention of real estate brokers and increase its occupancy. Mayfield will offer to fund improvements for tenants and also subdivide spaces if necessary, reported the Memphis Daily News. New signs and maps also will be installed.
“We just think it’s a really unique opportunity to take a project that’s been successful to date and continue that vision of what it can be and, if possible, take it to a new level,” John Jenkins, partner with Mayfield, told the paper.
Mayfield Properties LP purchased 260 acres at the depot earlier this year from the local redevelopment authority for $35.8 million; the site contains 4.2 million square feet of industrial buildings.