Posted by lindsay on May 11, 2014
Looking for a property investment opportunity in Tennessee? Turn your eyes to the North or the South.
The latest news out of Memphis is that Nike is now adding a second distribution area to the city. When complete, Northern Memphis will be home to the new premises expected to be a staggering 2.8 million square feet and it will serve as a support centre for the distribution of footwear, apparel and equipment to stores across North America.
Also on Nike’s radar is a $25M dollar retrofit and upgrade of its Southern Memphis facility. Once expanded and renovated, it will have grown to around 812,000 square-feet. While the investment cost to complete both projects is said to be $301M, the plants are expected to generate new tax revenue of approximately $105M. They should also present a wealth of job opportunities, which will help to reduce the state’s unemployment rate.
Completion date for both facilities is expected sometime this year.