TIAA-CREF Sells 1.6M SF in Southeast Memphis

Hillwood Investment Properties purchased five industrial buildings in the Southpark Distribution Center in Memphis, TN from TIAA-CREF for a reported $37.25 million, or approximately $23 per square foot.

The deal totals 1.6 million square feet and includes 4400-4500 Quality Dr., 4500 E. Shelby Dr., 4600 E. Shelby Dr., 4650 Shelby Dr., and 4585 Quality Dr.; all located in the Southeast Industrial submarket of Shelby County. Each industrial building was constructed between 1992-1994.

Hillwood has purchased two other warehouses in the Memphis area this year.

Brad Kornegay with Colliers Management Services LLC represented Hillwood Investment in the sale. Wyatt Aiken and David Curran with Cushman & Wakefield Commercial Advisors LLC represented TIAA Realty, Inc. in the deal.