Newmark announces the recent sale of 1332 Louisiana, a 60,000-square-foot industrial asset located in Memphis. Calvin Ozier sold the asset and the 5.21-acre lot to Ranger Bearings, LLC, for $585,000. Newmark Associate Director Will Klinke represented Calvin Ozier on the sale transaction.
Located in the Memphis’ Southwest Industrial Submarket with great access to I-55, 1332 Louisiana is a well-maintained industrial asset featuring seven dock doors with mechanical levelers, rail access and a new roof in 2014. The property was built in 1949 for Massey-Ferguson. Calvin Ozier and his business partner, Jim Browder, have owned 1332 Louisiana for the past 18 years, leasing the asset to Ozier’s company UWT Logistics.
“The timing was right to sell the property, and Ranger Bearings needed to expand operations,” stated Ozier. “1332 Louisiana’s location and features make it an ideal property for the new owner, allowing the company to expand its Memphis operations.”
Ranger Bearings was previously leasing 22,000 square feet at 3860 Delp Street in Memphis. The purchase of 1332 Louisiana allows the Alabama-based train and rail car bearing remanufacturer to greatly expand its operations to a 60,000-square-foot industrial facility on a 5.21-acre fenced lot.
“With five Class 1 rail roads across the Memphis MSA, I am excited to see Ranger Bearings expand operations,” added Klinke. “This expansion creates the opportunity for Ranger Bearings to bring additional services to the rail transportation industry.”
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark”), is one of the world’s leading commercial real estate advisory firms. Newmark has over 4,600 employees in over 120 offices. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents. With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. We offer a complete suite of services and products for both owners and occupiers across the entire commercial real estate industry.
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