A Canadian investor group has made its first acquisition in the Memphis market, buying a 258,300-square-foot industrial building in Olive Branch.
Quint Group bought the property at 10745 Marina Drive for $8.75 million from Agracel Inc., which is based in Effingham, Illinois.
Kemp Conrad, a principal with Cushman & Wakefield/Commercial Advisors, will represent Quint Group in leasing the building.
Patrick Walton, senior vice president with CBRE, represented Agracel in the sale.
The property includes a 1.75-acre parking lot that can accommodate 273 cars or more than 100 trailers.
Quint Group is carrying out a long-term strategy to keep and diversify its industrial properties, according to a release announcing the transaction.
The 5-year-old Quint Group has purchased or developed more than 10 million square feet of retail, industrial and office space in Canada and the United States.
Quint Group paid $8.75 million to Illinois-based Agracel Inc. for a 258,000-square-foot industrial building in Olive Branch. Kemp Conrad, a principal with Cushman & Wakefield/Commercial Advisors, will represent Quint Group in leasing the building.
“This latest acquisition in Olive Branch solidifies our commitment to expanding our footprint in the United States, specifically in the North Mississippi industrial market,” Simon Yeramian, vice president for investments for Quint Group, said in a prepared statement.
Conrad said the building’s size is “unique” for the “sought-after” Olive Branch area. “Highway access, heavy power and rail access offer a competitive advantage unequaled in the market,” he said.
The building can be expanded by 100,000 square feet or the parking can be enlarged by 2.3 acres, Conrad said.
Cushman & Wakefield/Commercial Advisors also will manage the property for Quint Group.