Phoenix Investors Affiliate Buys 785 KSF Memphis Facility
Electrolux had operated at the property until 2022.
A Phoenix Investors affiliate has acquired the 785,000-square-foot industrial facility at 3231 Paul R Lowry Road in Memphis, Tenn. Image courtesy of Phoenix Investors
An affiliate of Phoenix Investors has acquired a 785,000-square-foot industrial facility in Memphis, Tenn. Electrolux was the previous owner of the property at 3231 Paul R Lowry Road. Savills Senior Managing Director Paul Danko brokered the deal.
In 2022, the home appliance manufacturer ceased production at the Class A facility and moved its operations to a newly completed property in Springfield, Tenn. Phoenix Investors has also purchased a 580-acre parcel of land from Electrolux, currently waiting for build-to-suit, ground lease or sale proposals.
Dating back to 2013, the building features 40-foot clear heights, 61 dock-high loading doors and seven drive-in doors. In addition, the property includes a cafeteria, a cooling tower, heavy electrical power feeds, a chemical storage room, 949 car parking spaces and 142 trailer stalls, along with an ESFR sprinkle system. The facility is port and rail capable and is fully air conditioned.
The 217.4-acre property sits some 14 miles from Memphis International Airport and has easy access to interstates 55, 69 and 240. Downtown Memphis is within 11 miles, while downtown Nashville, Tenn., is 221 miles northeast. The facility is close to the Canadian National Intermodal and CSX rails.
Phoenix Investors’ latest acquisitions
In October, Phoenix Investors picked up another industrial facility from Electrolux. The 922,444-square-foot building located in St. Cloud, Minn., was completed in 1950.
Phoenix Investors’ portfolio totals approximately 75 million square feet across 29 states. Earlier this fall, the firm acquired a 5 million-square-foot industrial portfolio and more than 600 acres from United Furniture Industries. The facilities are in North Carolina and Mississippi. Last month, the company purchased Joy Plant 1, a 464,700-square-foot industrial building in Franklin, Pa.
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