Memphis, Tennessee – Our Net Lease Property news is on Industrial – Mixed-use properties again. Memphis, Tennessee has plenty of net leased properties that are zoned for Industrial usage and Mixed-use purposes. We want to report that a net lease Tenant, Rockwell Automation, Inc., has renewed their NNN lease in Memphis. The net leased property is located at 4020 Quest Way in Memphis, Tennessee. Rockwell Automation, Inc will have a triple net lease for approximately 76,036 square-feet of space. They have also expanded their triple net lease for an additional 136,111 square-feet. Rockwell Automation, Inc. will take occupancy of the entire 212,097-square-foot net lease property in the very near future.
The previous tenant who held a majority of space at this net leased property was Schering-Plough, Inc. They appeared to have jumped into a net lease for more than 200,111 square feet just 2 years ago, at the sought after Memphis Distribution Center. Schering-Plough is a subsidiary of pharmaceuticals company Merck & Co. Schering-Plough had a net lease that was scheduled to run through April 2011. They moved out of this industrial NNN Lease property back in August.
This net leased property was constructed in 1998 and still stands in excellent condition. The landlord of this NNN Commercial Real Estate is Atlanta-based Space Center, Inc. Space Center Atlanta, Inc is a private company that is a Commercial Real Estate Management Company. Space Center Atlanta, Inc is located in Atlanta, Georgia. They are situated in a premier suburb or Atlanta, the Peachtree Dunwoody area.
We have more history on this industrial net lease property. We researched and found that a past Tenant in this area was ScanSource. ScanSource had net leased the 136,111 square feet of the Memphis Distribution Center back in 2004. At that point, ScanSource was at the net leased property on 4020 Quest Way, at a rate of $2.65 for double-net lease (NN). A (NN) double-net lease is one in which the lessee pays rent to the lessor, as well as all taxes and insurance expenses that arise from the use of the property. Obviously our NNN Commercial Real Estate investors consistently seek a (NNN) triple net lease.
The industrial net leased property comes in with over 212,023 square-feet, and is situated on 9.14 acres of Tennessee commercial property. Also this industrial net lease property features 21 loading docks, two drive-ins, and 28-foot clear ceiling height. The space to be occupied by ScanSource features 15 loading docks and one drive-in for the net lease tenant. ScanSource is a value-added distributor of specialty technologies, including automatic data capture and point-of-sale products. They also work on voice, data, and telephony products through Catalyst Telecom. ScanSource (NASDAQ: SCSC) also operates distribution centers in Toronto and Vancouver, as well as in Mexico, the U.K. and France.
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