MEMPHIS, Tenn. – July 21, 2016 – Ten-X, the nation’s leading online real estate transaction marketplace, announces the upcoming sale of Airport Business Park, an eight-building, 32-acre office park in Memphis, Tenn. The 235,006-square-foot, single-story office park with easy access to the Memphis International Airport and the FedEx Express Super Global Hub will be offered in a Live Bid event on the Ten-X Commercial platform Aug. 8-10 with a starting bid of $2.4 million.
Avison Young is teaming with Ten-X to sell Airport Business Park. It is the largest complex in the vicinity of the Memphis International Airport and located in the Memphis Aerotropolis submarket, which is also known as ‘America’s Distribution Center.’ It currently is 57-percent occupied with a diverse tenant mix including FedEx and the Federal Aviation Administration.
“Because of its value-add potential through leasing, its strong mix of existing tenants, and its centralized location in the heart of the Memphis Aerotropolis, Airport Business Park presents a great opportunity to investors,” said Gordon Smith, general manager of the Ten-X commercial real estate division. “This is the type of high-quality asset with big upside that investors can expect to find on the proven Ten-X Commercial platform.”
Located at 3000 Democrat Road, the eight-building property consists of seven parcels and two additional developable pads. Memphis International Airport is the busiest cargo airport in North America and second busiest in the world. The Memphis Aerotropolis is responsible for 40-percent of the region’s economy and is the largest employment base in the region, home to approximately 225,000 jobs.
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Ten-X is the nation’s leading online real estate transaction marketplace and the parent to Ten-X Homes, Ten-X Commercial and Auction.com. To date, the company has sold 200,000+ residential and commercial properties totaling nearly $39 billion. Leveraging desktop and mobile technology, Ten-X allows people to safely and easily complete real estate transactions online. Ten-X is headquartered in Irvine and Silicon Valley, Calif., and has offices in key markets nationwide. Investors in the company include Google Capital and Stone Point Capital. For more information, visit Ten-X.com.