Property Records Confirm $25 Million Sale of Getwell Road Building to 5C MEM01 LLC
Property records obtained by FOX13 reveal that a commercial building at 4300 Getwell Road in Memphis, Tennessee, was sold for $25 million to 5C MEM01 LLC, according to the Shelby County Property Assessor’s office. The transaction, recorded in late July 2024, marks one of the largest real estate deals in the region this year.
Details of the Property Sale
The property, a 120,000-square-foot industrial facility, is located in Memphis’ Midtown business corridor, a growing hub for logistics and manufacturing. The sale price translates to approximately $208 per square foot, a figure consistent with recent industrial real estate trends in the area, according to CommercialCafe, a real estate data platform. The buyer, 5C MEM01 LLC, is a limited liability company registered in Delaware, though its owners remain undisclosed.
Background on 5C MEM01 LLC
While the company’s ownership structure is not publicly detailed, 5C MEM01 LLC has previously been linked to tech-focused real estate ventures. A 2023 report by The Tennessean noted that the entity had acquired several properties in Memphis’ industrial zones, suggesting a pattern of investment in logistics infrastructure. However, no direct connection to major tech firms has been confirmed.
Implications for the Local Real Estate Market
The sale aligns with a broader surge in industrial real estate activity in Memphis, driven by the city’s strategic location as a transportation hub. According to a July 2024 analysis by CBRE, industrial property prices in the Memphis metro area have risen 12% year-over-year, outpacing national averages. This transaction could signal growing interest from out-of-state investors in the region’s logistics sector.
What Comes Next?
The new owner has not yet announced plans for the property, but industry observers speculate that it could be repurposed for e-commerce fulfillment or expanded warehousing. A spokesperson for the Shelby County Economic Development Council declined to comment, stating that “details of private transactions are not typically disclosed.”
Why This Sale Matters
The deal underscores Memphis’ rising profile as a destination for industrial investment. Similar transactions in 2023, such as a $15 million purchase of a Memphis distribution center by a Florida-based real estate firm, have set a precedent for out-of-state buyers. This latest sale may further accelerate development in the region’s logistics corridor, potentially impacting local employment and infrastructure.
Key Takeaways
- A Memphis industrial building sold for $25 million in July 2024, per Shelby County records.
- The buyer, 5C MEM01 LLC, is a Delaware-based LLC with undisclosed owners.
- The sale reflects growing investor confidence in Memphis’ industrial real estate market.
- No immediate plans for the property have been disclosed by the buyer.