SOUTHAVEN MS-Following a successful lease-up of Stateline Business Park's first four buildings, IDI of Atlanta has launched construction on a little more than one million sf of distribution product in the 230-acre, $120-million park. The two spec buildings will cost about $30 million to develop.
The 291,972-sf Stateline Building B at 8835 Commerce Dr. and 740,700-sf Stateline Building F at 8650 Commerce Dr. are slated for completion in April 2007. They will take the business park's total to 1.7 million sf.
"These two new ones are pure spec and are a replacement for the previous buildings there," says Tim Moore, vice president of leasing for IDI's Memphis region. "The other buildings are occupied to the point where we need more space. We couldn't expand the ones we had so we're building new ones." The target market is tenants who need 48,000 sf or more.
IDI's first four buildings also were built on spec. The park, which broke ground in Many 2005, is located in Desoto County in the far northernmost part of the state. It's near Interstate 55, Memphis International Airport and three railroad intermodal terminals, all strong drivers for industrial space.
Moore tells GlobeSt.com that, as a result of the location, activity level is strong, but not out of the ordinary in that submarket. And, he doesn't foresee any problems leasing up the facilities once they're completed. "We've submitted proposals for leases in both buildings and have been responding to multiple inquiries," he adds.
Moore says there is enough remaining land to add 1.2 million sf. "When all is said and done, we're looking at around four million sf," he says.
Kajima Construction of Japan is the general contractor. Architect MacGregor & Associates from Atlanta designed it.
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