VOL. 133 | NO. 83 | Wednesday, April 25, 2018

The 4.2 million-square-foot Memphis Depot Industrial Park just north of Memphis International Airport has sold for $50 million.

Atlanta-based Ares Management and Mt. Kisco, New York-based Diamond Properties bought the 43-building industrial park and former U.S. Army supply depot from Mayfield Properties, the Dallas company that had owned it since 2011 under the name Memphis Depot Associates LLC.

Mayfield Properties partner John Jenkins signed the April 17 warranty deed on behalf of the sellers.

In conjunction with the purchase, Ares and Diamond – who bought the property under the names Memphis Depot TIC LLC and DP 107 LLC – took out a $32.5 million mortgage through New York City-based Allegiant Real Estate Capital Funding.

Built in the early 1940s, the depot once served as a major employer for the Memphis area. After the Army closed it in 1997, it underwent more than $30 million in capital repairs funded by a partnership between Shelby County government and the local economic development community.

Mayfield Properties' $35.8 million purchase of the park in 2011 marked the first time the facility was owned by a private-sector firm.

The Shelby County Assessor of Property's 2018 appraisal of the three parcels included in the sale totals $33.8 million.