Collierville, TN – Lee & Associates, one of the largest national commercial real estate firms, has completed the $15,400,000 sale of an approximately 126,213-square-foot industrial building that sits on an approximately 9.07-acre parcel and is located at 477 Distribution Pkwy, in Collierville TN.

The building is leased to FedEx Forward Depots, Inc., a subsidiary of Federal Express Corporation. FedEx has been operating at this location for over 15 years and recently executed a 5-year lease extension with 2% annual rent increases.

FedEx completely renovated the building to meet their unique operational requirements for this facility prior to taking possession back in 2006. In 2011, the facility underwent a $2.1M expansion to accommodate a new repair service center and parking lot configuration, complete with a separate entrance for walk-ins.

The subject property is located just 23 miles from the Memphis International Airport, a FedEx Hub and second-busiest cargo airport in the world. The location offers proximity to FedEx’s 118-acre, 115,000-square-foot World Tech Center, providing synergy and support for the tenant’s success at this site.

Ryan Barr and Ryan Bennett of Lee & Associates – North San Diego County represented the Seller, and Lee & Associates-Oakland represented the California based Buyer in the transaction as part of their 1031 exchange. Barr and Bennett were able to achieve 98% of the asking price in the short escrow.

Barr & Bennett Net Leased Investment Group, a team within Lee & Associates-North San Diego County, specializes in the acquisition and disposition of net leased assets nationwide.