Memphis, Tennessee - We are back to Industrial - Mixed-use properties for or Triple Net Lease Properties news. Memphis, Tennessee has plenty of net leased properties with usage for Industrial and Mixed-use purposes. We see that a Tenant, Rockwell Automation, Inc., has renewed their triple-net lease in Memphis. The net lease property is at 4020 Quest Way in Memphis, Tennessee. Rockwell Automation, Inc will have a triple net lease for 76,049 square-feet of space. They have also expanded their triple net lease for an additional 136,049 square-feet. Rockwell Automation, Inc. will take occupancy of the entire 212,098-square-foot net leased property soon.
The previous tenant in the larger part of the net leased property was Schering-Plough, Inc. They appeared to have jumped into a net lease for over 200,000 square feet just 2 years ago, at the 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 investment property 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 on one of our favorite streets, Peachtree Dunwoody.
We have more history on this industrial net lease property. We saw a past Tenant in this area was ScanSource. ScanSource had net leased the 136,049 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 we always try for a (NNN) triple net lease.
The industrial net lease property came with 212,098-square-foot, sitting on 9.14 acres. 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. 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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