MEMPHIS, TN-ProLogis of Aurora, CO has hit a bullseye with the signing of Redwood City, CA-based Menlo Logistics Inc. to a five-year, 234,200-sf lease that rings the 100%-occupancy bell at the 1.2-million-sf ProLogis Park Memphis.

Ten-year-old Menlo, a third-party logistics provider, will use the space as a distribution center for Nike USA Inc., the Beaverton, OR-based athletic and sports shoe manufacturer. ProLogis wouldn’t disclose the aggregate value of the lease.

But area brokers familiar with the submarket encompassing the intersection at State Road 78 and Davidson Street, tell average asking rents are $2 to $4 for bulk distribution space. That would give the Menlo lease an estimated aggregate value of $3.5 million based on a $3-per-sf rental, area brokers tell on condition of anonymity.

Menlo will occupy a unit in the same building as Owens & Minor Medical and USF Processors, both global ProLogis customers. The park will exceed 1.4 million sf when fully completed.

The two-year-old property is in “a prime location for companies requiring a south, east or central U.S. distribution hub,” ProLogis vice president Mike Ruen says in a prepared statement.

Menlo is a longtime ProLogis customer. The firm leases an additional 311,000 sf from ProLogis in California’s Los Angeles Basin. Menlo is a subsidiary of CNF Transportation Inc. Among Menlo’s clients are AT&T, Dow Chemical, Hewlett-Packard, IBM, Imation and Sears.

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