FOR IMMEDIATE RELEASE
Contact: Keith Britt
Thompson & Co.
or Andrew J. Groveman
Belz Enterprises Announces Plans for New Speculative Industrial Projects in Memphis and Shelby County
Memphis, Tennessee, April 21, 1998 To keep pace with the regions demand for warehouse and distribution space, Belz Enterprises announced plans Tuesday (April 21, 1998) for several new speculative industrial facilities.
Construction begins May 1 on a new 275,000-square foot warehouse and distribution building at Southridge Corporate Park, located at 4800 Southridge Boulevard. Plans also call for the purchase and development of an additional 30 acres at Southridge.
A new 150,000-square-foot distribution facility and 50,000 square feet of office and showroom space will be under construction June 1 at the Shelby Oaks Business Center, located on Shelby Oaks Drive, just north of I-40 and Sycamore View.
"Most companies know that Memphis offers a distinct logistics advantage for getting their products to market, which creates a great demand for space," said Andy Groveman, senior vice president of marketing and administration for Belz Enterprises. "Forty-five states, as well as Mexico and Canada, can be reached in 48 hours by truck from Memphis, and thats just one of the competitive advantages for choosing Memphis."
Belz also is acquiring 240 acres at the corner of Holmes Road and Tchulahoma in order to position itself in a segment of the market that is closer to the airport and interstate system.
"Not only is there a demand for distribution facilities, but office space as well. Were looking forward to expanding our operations this year and are excited to be part of our regions growth," said Morris Thomas, vice president and director of brokerage and leasing for Belz Enterprises.
Belz, which is headquartered in Memphis, Tennessee, is a national leader in real estate development. The company owns and manages more than 25 million square feet of industrial warehouse and distribution centers, shopping centers, office buildings, mixed-use centers, and corporate campuses. Belz also owns a group of premier hotels including the Peabody Hotels in Memphis and Orlando, Florida.