Following Extensive Renovation and Leasing, Ascentris and Huntington Industrial Partners Sell Memphis Industrial Property
Denver, Colorado (May 11, 2018) – Ascentris, a Denver-based real estate investment manager, on behalf of one of its public retirement system clients, announced today the sale of Crowfarn Drive, a multi-tenant, front-loading distribution center totaling 158,849 sf located in the southeast submarket of Memphis, TN. Frank Fallon of CBRE marketed the property for sale on behalf of the seller. The buyer and sale price were not disclosed.
Ascentris, in partnership with Huntington Industrial Partners, acquired Crowfarn Drive 40% leased in February 2013 as part of a Memphis industrial portfolio acquisition, which also included five additional multi-tenant distribution buildings which ownership sold in 2016. During its ownership of Crowfarn, Huntington and Ascentris performed significant capital improvements including exterior landscaping, building painting, and parking lot upgrades, and executed over 350K sf of new and renewal leases, increasing occupancy to 100%. Patrick Walton of Commercial Advisors, Memphis’ Cushman & Wakefield affiliate, leased the property on behalf of the owners. Crowfarn Drive was constructed in 1974 and is approximately 3 miles from Memphis International Airport.
In early 2012, Ascentris launched an industrial acquisition strategy on the premise that there was an opportunity to aggregate, through single property acquisitions, an attractive portfolio of well-located, income-producing industrial warehouse/distribution properties significantly below replacement cost. Ascentris and Huntington Industrial Partners acquired 2.3M sf of such industrial properties in Georgia, Tennessee, Texas, and California and have since sold all but one property totaling 509,000 square feet.
“Ascentris is very pleased with the outcome of this investment. Huntington Industrial Partners did an exceptional job of finding a real value-add opportunity in an infill industrial market and performing a cost-effective renovation of the property, and Cushman & Wakefield did a great job of leasing and maintaining occupancy in the building,” said Ascentris Managing Director Tricia Noble.
“We are very pleased that we were able to execute a successful sale of Crowfarn Drive. The Memphis market continues to show steady demand and healthy sales activity,” said David McDaniel, Principal of Huntington Industrial Partners.
About Huntington Industrial Partners
Huntington Industrial Partners is an industrial real estate operating company with a strategic focus on acquiring and developing infill industrial properties in select U.S. markets. Huntington has offices in Atlanta, Dallas and Denver that are staffed by local teams with extensive industrial experience, local market knowledge and established networks of market contacts.