Four Office structures: a) 271,000sf Office Complex, b) Underground Communications Bunker, c) 14,000sf Recreation/Gym Center d) outparcel w/Net Land Lease. Total campus land area approximately 35 Acres.
Former International Operation Center for Federal Express Corporation (FedEx)
Location was a C grade with above average crime concerns, shifted demographics and marketplace competition having over a 6 year supply of single tenant office space available. Property was close to Memphis International Airport, but specific neighborhood had closed housing projects, shuttered office buildings and seriously downgraded hotel properties in close proximity.
Property Condition was a C grade with considerable functional obsolescence (main office bldg had no sprinkler or suppression system, bunker had potential environmental situation, parking areas and roof required replacement).
Property had been on the market for over 5 years with 3 separate national brokers. Client had never conducted