(To read more on the industrial market, click here.)

MEMPHIS-Herbalife Ltd. has signed a 10-year, $6.3-million lease for a 129,600-sf distribution facility here that will be built to suit the company by Atlanta-based Industrial Developments International. The facility will be built at IDI’s Chickasaw Distribution Center in Memphis’ Southeast submarket.

The purveyor of weight loss products will occupy Building K, which is now under construction at the 4.6-million-sf master planned park. Occupancy is scheduled for September. Mike McRoskey and Frank Scott of Staubach in Los Angeles and Andy Cates of Colliers Wilkinson Snowden represented Herbalife.

As part of the agreement, Herbalife has the sole right to expand on the adjacent land, which gives them the capacity to double their space to about 260,000 sf on the site, says IDI’s locally based VP of leasing Tim Moore. Herbalife VP Tom Harms says the company inked the deal because it wants its independent distributors and employees to be able to come to a “state-of-the-art distribution and walk-in facility.”

Though there is about 550,000 sf available for lease within the park, Building K soaks up one of the last remaining developable parcels at Chickasaw. In response, IDI is now also developing Stateline Business Park, another Memphis development that will total 3.9 million sf upon completion. Stateline currently has about one million sf of space in two buildings in operation and another two buildings totaling 650,000 sf are under construction and scheduled for completion next month.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.