FedEx to Build $142 Million Flight Facility; Memphis Multifamily Properties to Be Auctioned Online

By the Editors of Commercial Property Executive

February 24, 2012

Development Industrial Memphis *DO NOT USE*Mixed Use More Technology

By Eliza Theiss, Associate Editor FedEx Express, a unit of Memphis-based FedEx Corp., plans to build a $141.9 million flight-training facility adjacent to the existing Airways Boulevard location, reports The Memphis Daily News. The company currrently leases several flight-training facilities scattered throughout Shelby County. The new Air Operation Training Center would consolidate all flight-training into [...]

By Eliza Theiss, Associate Editor

FedEx Express, a unit of Memphis-based FedEx Corp., plans to build a $141.9 million flight-training facility adjacent to the existing Airways Boulevard location, reports The Memphis Daily News. The company currrently leases several flight-training facilities scattered throughout Shelby County.

The new Air Operation Training Center would consolidate all flight-training into one central location. FedEx will also build 12 bays in which to house flight simulators and equipment necessary for training operations. The shipping giant, which employs 144,000 people worldwide, plans to retain the existing 333 jobs at its current site.

In other news, the Memphis Business Journal reports that Cushman & Wakefield will be auctioning off three Memphis-area multifamily properties. The properties, totaling 825 units, will be sold online in an auction being held March 5-8 along with 62 other nationwide properties.

Colonnade at Germantown, a 252-unit development located at 7491 Wyndhurst Place, is one of the Memphis properties up for sale. The multifamily complex was built in 1996 and has a starting price of $9 million. Villas at Cordova, built in 2003 and located at 8546 Prestine Loop, is also being sold. Also with an $8 million starting bid is the third listing, Waterford Place, a 320-unit property built in 2001 located at 8037 Waterford Circle. All three Memphis properties will be sold online via Auction.com.

In other news, the Memphis City Council approved a $20 million upgrade for the city’s Pink Palace Museum, The Memphis Daily News reports. The multi-year renovation will be made possible by a partnership between the Memphis City Council and Memphis Museums Inc., a private non-profit group that will have to raise half the necessary funds from private sources to match the council’s funding of $10 million. The renovations are slated to begin in 2015, provided that necessary private funding is secured.