Nike plans to build footwear distribution center in Memphis
03 Mar '07
3 min read
Belz Enterprises, the sellers of the Northridge site, also view this sale as more than a simple land transaction. "We are fifth-generation Memphians and are very proud to add to the area's stature as the capital of U.S. distribution. Equally important, this project will provide further economic opportunity to the Frayser area in north Memphis that vitally needs additional jobs and commerce," said Ron Belz, President of Belz Enterprises.
"We are pleased to join with our city, county and state government in continuing the long term and strong presence of Nike as a major employer as well as important corporate citizen in our community."
As a precursor to completing the Northridge purchase, Nike also announced reaching a sale-leaseback agreement on the Wilsonville, Ore., facility with CB Richard Ellis Investors, an institutional real estate investment manager that purchased the property on behalf of the Illinois State Board of Investment.
The recorded sale-leaseback price was $27.6 million. This agreement will allow Nike's continued operations at the Wilsonville site through 2008. At the end of the Nike lease, the owner may seek proposals for new tenants that will capitalize upon the facility's premier product distribution site.
"The agreement was designed to continue to operate Wilsonville without disruption to our employees or our business," Athanasakos said.
marketing@alchempro.com
