FORT CAPITAL EXPANDS TO MEMPHIS, TENNESSEE
FORT WORTH, Texas (January 26, 2022) – Fort Capital has acquired five Class B light industrial buildings located in Memphis, Tennessee. The 132,591 square foot portfolio is comprised of Enterprise Park (2850 Lamb Place) located in the Southeast submarket and Executive Park (6047 Executive Centre Drive) located in the Northeast submarket. Enterprise Park is less than 1 mile from the busiest cargo airport in North America, Memphis International Airport, and Executive Park provides immediate access to Interstate 40. Both assets are within approximately 30 miles of Ford Motor Company’s ‘Blue Oval City.’
We identified Memphis as an expansion market that matched our investment criteria and we feel confident that it will deliver exceptional returns to our investors and stakeholders based on several indicators:
1. The demand for industrial space is on the rise with a vacancy rate below 10% as of Q3 2021 based on a JLL Research Report.
2. Memphis is home to the busiest cargo airport in the world (Memphis International Airport), FedEx’s Corporate Headquarters, a large BNSF intermodal yard, the Port of Memphis, and large transportation arteries including Interstate 55 and Interstate 40. With the rise of e-commerce and Memphis being a critical city for the distribution of goods, the need for warehouse space should continue to grow.
3. Ford Motor Company has invested $5.6B, the largest single investment in Ford’s 188-year history, into developing a battery manufacturing, battery recycling and electronic vehicle assembly campus for their F-150 Lightning. The 3,600-acre campus will add an estimated 6,000 jobs to the region when it opens in 2025.
4. Shelby County, home of Memphis, has emerged as the second-largest county in the U.S. for medical device manufacturing driving increased growth and demand for industrial space.
“We have identified several parallels between Memphis and our current Texas investment markets. After extensive research and building relationships within Memphis, we are excited to bring our expertise to a market outside of Texas,” said Jason Baxter, CEO and President.
Fort Capital is actively acquiring Class B industrial and office buildings between $10M to $75M in major metropolitan areas of Texas including Dallas/Fort Worth, Houston, San Antonio, Austin, El Paso, and strategic markets outside of Texas, including Memphis.