MEMPHIS – September 13, 2022 – Westmount Realty Capital announced the purchase of an infill industrial portfolio, Shelby Oaks Corporate Park. The 480,911-square-foot portfolio offers both office/showroom and distribution space and is located at the northeast quadrant of I-40 and Sycamore View. Shelby Oaks is Westmount’s first purchase in Memphis, and second acquisition in Tennessee.
The corporate park is strategically located 1 mile away from the I-240/I-40 interchange,15-minutes from downtown Memphis, and 20 minutes from the Memphis International Airport. Shelby Oaks offers tenants a unique park setting that sits within a 640-acre wooded area that includes three lakes and a jogging trail. The property is within minutes of top residential communities, including those in Memphis and the surrounding suburbs of Bartlett and Lakeland in addition to six hotels located on campus providing increased convenience for visitors.
“Memphis’ strong history and role in shaping American culture coupled with strong tenant demand and the region’s central location with its world-class transportation infrastructure are just a few factors that have propelled investor interest in the city’s growing industrial market,” said Brian Scruggs, managing director of acquisitions at Westmount. “With the variety of tenant space throughout and Shelby Oaks’ proximity to other states like Arkansas and Mississippi, our tenants will have a reliable and accessible place to grow their businesses.”
Shelby Oaks was built in several phases between 1979 – 2005 and is 95% leased to 78 tenants. The portfolio includes a total of 16 buildings: four distribution buildings with drive-in and dock doors and 12 office/showrooms. This prime location offers tenants the ability to easily scale up or down with its office/showroom space available in increments as small as 1,500 square feet and distribution space available in increments as small as 7,500 square feet. Buildings range from 12,000 to 90,000 square feet and are home to a variety of industries like telecommunications, medical, service and manufacturing companies.
“The Memphis industrial market is one of the strongest in the country as the city saw a record year in 2021 with leasing exceeding 32 million square feet and annual net absorption was the highest recorded at 12.7 million square feet,” said Brant Brown, Westmount’s president and COO. “We are constantly researching the market to find the best cities for investments throughout the country. We plan to continue expanding our base in Memphis and the overall southern U.S.”
About Westmount Realty Capital
Westmount Realty Capital, LLC is a private Dallas-based owner and operator specializing in value-add, opportunistic and core plus investments. For over 35 years, our time-tested and relationship-driven approach to commercial real estate investment has generated superior returns and earned the trust of numerous U.S. and foreign institutional and private capital sources.
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Westmount Realty Capital, LLC
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