MEMPHIS, TN-Gramercy Capital Corp. has acquired the Hacks Cross Logistics Center Building 1 in Olive Branch for nearly $25 million.
The New York City-based real estate investment firm purchased the 605,427-sf distribution facility from Hillwood Investment Properties for $24.65 million in an all-cash deal.
The industrial property is 100% leased to value retailer Five Below Inc. of Philadelphia through Dec. 31, 2022. The building also includes an adjacent 13.8-acre land parcel with capacity for an additional 250,000-square-foot building, according to the Memphis Daily News.
Hillwood acquired the building for $13.5 million in February 2012. See story in the Memphis Daily News.
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