The local redevelopment authority for the former Memphis Defense Depot, Tenn., has agreed to sell 260 acres at the site containing 4.2 million square feet of industrial buildings to Mayfield Properties LP for $35.8 million.
The Memphis Depot Business Park had been on the market for five months. John Jenkins, co-founder of the Dallas-based real estate investment firm, praised the Depot Redevelopment Corp. for its efforts to bring tenants to the property over the past 14 years.
“An opportunity like the Memphis Depot doesn’t come along very often where you get a chance to buy a project that has really been repositioned and redeveloped in really an excellent manner,” Jenkins said, according to the Memphis Daily News.
The Redevelopment Corp. will hand over the proceeds to Memphis and Shelby County. It acquired the depot from DOD via a no-cost economic development conveyance after it closed in September 1997, but will not be required to reimburse the federal government for the site. The Redevelopment Corp. has spent $25 million in capital improvements to turn the depot into an industrial park for distribution, logistics and warehousing.