Northmarq brokers $4.54M sale of industrial outdoor storage property triple net leased to Freight Ninja
MEMPHIS, Tenn. (Sept. 24, 2024) — Northmarq’s Chicago Investment Sales team of Brandon Duff and Mack Wolfgram have successfully brokered the sale of the single-tenant industrial outdoor storage (IOS) property at 4730 Pleasant Run Road in Memphis, Tennessee. The 7.6-acre site operates as a managed truck parking facility, filling a critical need in the Memphis market. The property is 100% leased to Freight Ninja, one of the nation’s top managed truck parking operators.
Northmarq represented the seller, a Chicago-based owner and developer. Northmarq also procured the buyer, who was a private 1031 exchange investor based in Colorado. The marketing process was competitive with multiple offers received in the first weeks of marketing, and the ultimate buyer paid full list price with non-refundable earnest money at signing of the purchase contract.
“We have specialized in the IOS asset class for 10+ years, and this sale is continued evidence of the growing private buyer pool for stabilized IOS properties nationally,” said Managing Director and SVP Brandon Duff.
“While once a considered a ‘niche’ asset class, IOS has emerged as an attractive option for not only CRE private equity sponsors, but also individual high-net-worth investors and 1031 buyers on a national basis. Our team’s extensive knowledge in the IOS space, along with our unique ability to engage private capital and trade buyers allows us to drive a competitive sale process,” added Associate VP Mack Wolfgram.
The new Freight Ninja facility is strictly dedicated to truck parking and positioned at one of Memphis’ most attractive industrial submarkets, directly across from the BNSF Intermodal Facility with quick access to the Memphis International Airport and FedEx World Hub. This is an ideal location for a managed truck parking facility, with the site expected to operate at 100% capacity.
In addition to its attractive location and strong residual value, the property boasts a new long-term absolute NNN lease with a rapidly growing tenant. Freight Ninja currently operates 40 lots and over 10,000 stalls in eight states.
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