Canadian company active in Memphis commercial market

There have been many commercial real estate moves in Memphis this year.

Spending about $40.6 million on commercial developments and acquisitions in one year may be a cue to taper activity in the next, but not for Canada-based Olymbec USA LLC, which is an entity of Montreal's Olymbec Corporate Group.

The Memphis Business Journal reported the company owns and manages about 40.5 million square feet of property in Memphis, Tenn., but its director of acquisitions and development said the company will grow more in 2014.

Olymbec's most recent purchase is the 138-acre Bellbrook Industrial Park, which cost $23.3 million, and the Caterpillar Logistic Services building for $8.55 million. The former is comprised of 19 buildings and about 1.78 million square feet. Fourteen of the buildings are used for industrial purposes, and five are retail buildings.

According to the Memphis Daily News, other acquisitions and purchases in the city made by Olymbec include:

  • Brinkley Plaza, a 219,557-square-foot development made of up of entities related to local commercial real estate groups CB Richard Ellis Memphis and Loeb Properties Inc.
  • Forty-thousand square feet of land and three small sheds that span 12,000 square feet in a January property auction.
  • The 1.1-million-square-foot Space Center portfolio for $7.3 million.
  • A 157-000-square-foot class-C industrial warehouse from Miami loan servicer LNR Partners LLC. 

Olymbec's activity in the Memphis commercial real estate market began in 2004 with the purchase of a 500,000-square-foot distribution center. The family-run, private real estate investment firm says its activity in the city will only increase in the new year.

Commercial activity in the Tennessee city has been active this year, with the most recent news being the relocation of Trustmark Bank's regional headquarters. The nine-story building was built in 1973 but was renovated in 1998, according to the Journal. 

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