"We continue to appreciate Memphis because it's an important and central US distribution location," Ogden tells GlobeSt.com. "This particular property also offered us a great location right across from the $100 million Burlington Northern Santa Fe Intermodal." The building is also flanked by 10 acres of extra land that was included in the purchase, which is unusual in Memphis, he says.

The property, which was built in 1986, is located in the southeast market of the city, close to the Memphis International Airport. The acquisitions bring HSA's Tennessee portfolio to over 2.6 million sf. Over the past two years the company has also acquired 5100 Hickory Hill, a 131,510-sf single-tenant warehouse and multiple properties at Willow Lake Business Park and Corporate Park.