Ford, a Michigan-based motor company, has signed a lease with Panattoni Development Company to occupy 300,400 sf of space in Memphis' EastPark Distribution Center. Ford representatives would not release the value of the deal. A recent CB Richard Ellis report says that average rents in the area go for approximately $13-$14 per sf, annually.
This space encompasses the majority of the 360,800-sf facility within the EastPark Distribution Center, located at 5405 Hickory Hill Road. Ford plans to use this space to distribute low and high volume parts, and plans to move in by January of next year.The company expects to create 220 jobs in Memphis by January 2000.
Jamie Dingeman and Jim Mercer of CB Richard Ellis, Inc negotiated on behalf of Ford Motor Company, while Panattoni Development Company represented itself in the transaction.
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