Lease secured for new industrial facility, bringing over 100 new jobs to South Memphis
MEMPHIS, Tenn. — A national leader in healthcare supply chains is planning to set up operations in the Mid-South.
LifeScience Logistics (LSL) has signed a lease on a new industrial facility at 5200 Tradeport Drive in South Memphis, according to a press statement from Mapletree Investments.
The project includes $23.2 million in capital investments and is expected to create 101 new jobs with annual base wages of around $62 million over the next two years, according to the press statement.
“This is the largest lease of the year for a second-generation warehouse distribution facility in the Memphis market, which speaks to the property’s exceptional quality and prime location,” added Michael Nicholson, Senior Manager of Asset Management, Logistics, U.S., Mapletree.
The facility will feature 605,510 sq. ft. of warehouse space and another 19,490 sq. ft. of office space.
LSL received a 10-year Fast Track PILOT from the Economic Development Growth Engine (EDGE) for Memphis & Shelby County to open its facility.
“We are excited to expand LSL’s footprint into Memphis, a critical logistics hub for the pharmaceutical industry,” said Ryan Oppel, Chief Commercial Officer of LifeScience Logistics. “This strategic expansion of our purpose-built, healthcare-only solutions enables us to deliver a comprehensive range of mission-critical services tailored to the needs of our pharmaceutical and medical device clients.”