ProLogis Makes 1.6M-SF Industrial Buy

MEMPHIS-Five industrial properties comprising an aggregate 1.6 million sf are now under the ownership of Denver-based distribution center owner ProLogis. The assets are 95% occupied by six companies.

The distribution facilities are located in the Memphis Distribution Center at Raines Road and Hickory Hill within the southeast industrial corridor. A spokesperson for ProLogis wouldn’t comment on the price or the seller in the transaction.

“The Memphis market continues to serve as a primary distribution hub for the United States, making it an ideal location for ProLogis’ expansion,” says Mike Ruen, vice president for ProLogis. “This type of acquisition is in line with our overall strategy to provide our customers with greater flexibility in a major market situated at the crossroads of several class-I rail providers, interstate systems and the Mississippi River.