Exel Leases 165,980 SF at IDI's Airways Distribution Center
Southaven, Miss (January 9, 2006) -- Global logistics company Exel Inc. has signed a lease to occupy 165,980 square feet at IDI’s Airways Distribution Center Building D in Southaven, Miss. Exel now occupies five IDI buildings in the Memphis area totaling 1.1 million square feet. In addition, the lease brings the 2.7-million-square-foot Airways Distribution Center – located in the DeSoto County submarket of Memphis – to 100-percent occupancy.
Exel will relocate operations from a facility in Miami to the larger building in Airways Distribution Center. “The dimensions fit Exel’s space requirements exactly,” said Tim Moore, vice president/leasing in IDI’s Memphis regional office. “The company wanted to be in DeSoto County, which is part of the strategically vital Memphis industrial market, and it needed a Class-A facility that was available for occupancy in a short time frame.” Airways Distribution Center is three miles from Memphis International Airport and less than one mile from two separate I-55 interchanges.
Exel was recently purchased by Deutsche Post World Net, the parent company of DHL Logistics, and is in the process of combining DHL and Exel into the world’s largest logistics provider. “Exel is a big player in every industrial market across the country,” Moore said. “I think this lease negotiated in late 2005 puts us in a good position to do business with Exel in other markets.”
Bayard Snowden and Henry Stratton of Colliers Wilkinson Snowden represented Exel in the lease negotiations.
Also in the Memphis market, IDI is developing Stateline Business Park, which will total 3.9 million square feet upon completion. The park offers tenants space options ranging from 9,600 square feet to 784,240 square feet. In addition to the completed 257,976-square-foot Building C and 784,240-square foot Building D, the park includes the 241,164-square-foot Building A and the 409,176-square-foot Building E, both scheduled for completion in May 2006.
In addition to its Memphis regional office, IDI operates development offices in Atlanta, Chicago, Cincinnati, Dallas, Fort Lauderdale, Los Angeles and Philadelphia. IDI (www.idi.com) is a national, full-service industrial real estate developer based in Atlanta, providing strategically located properties throughout the U.S. to meet its tenants’ distribution, warehouse and light-manufacturing needs. In addition, IDI Services Group provides comprehensive property management, leasing and construction management services, currently managing 50.3 million square feet of property for IDI tenants. IDI has developed 102 million square feet of industrial space worth $4.2 billion. Since the company was founded in 1989, IDI has grown from assets of $89 million to $486 million in wholly owned assets and another $810 million in joint-venture assets.