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FSC Acquires Office Headquarters in Memphis, TN

Posted on June 24th, 2021

Winston-Salem, NC – Front Street Capital is pleased to announce the acquisition of 860 Ridge Lake Blvd, a 154,558 SF Class-A office building located in the coveted Poplar Avenue business district of East Memphis, TN. The transaction was a joint venture executed under the private equity arm of Front Street Capital with the acquisition marking the seventh investment for Front Street Properties Fund II, LP and the first acquisition in the state of Tennessee for Front Street Capital.

860 Ridge Lake is 100% occupied by ABB, Inc. (NYSE: ABB), a leading global technology company, and serves as the headquarters for two of its divisions – the North American Electrification Products Division and the Global Installation Products Division. In addition to being a multi-division headquarters, the facility supports ABB employees across a variety of critical functions including engineering, sales, R&D, and is the main site for direct client interaction.

The five-story office building is located along the Poplar Avenue corridor of the East Memphis submarket, the most desirable office market for high profile tenants in Memphis. This amenity-rich area includes office, retail, dining, and hotel options and provides convenient accessibility to major transit corridors and high-income residential neighborhoods.

“We are thrilled to expand our portfolio into Tennessee. This transaction represents an exceptional opportunity for our investors to take ownership of a mission critical facility for a multi-billion-dollar credit grade tenant,” said Coleman Team of Front Street Capital. “We are always seeking high quality real estate and 860 Ridge Lake represents everything that we look for in a prospective investment”.

Front Street’s asset management division will manage the property in partnership with Boyle Investment Company.

Front Street Capital is a real estate private equity group focused on Class-A commercial real estate investment opportunities. Front Street Capital’s second fund closed with an excess of $40 million in capital commitments in June 2020 and is currently deploying capital across several target markets in the Southeast United States.

CBRE Memphis represented the sellers, Northwestern Mutual. Front Street Capital did not use buyer representation.

If you would like more information about this topic or need to schedule an interview with Coleman Team please call 336-243-2600.

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Media Contact:

Coleman Team, Partner, Front Street Capital, Coleman@frontstreetcapital.com, +1.336.250.2977

About Front Street Capital 

Front Street Capital (www.frontstreetcapital.com) is a full-service development, asset management and private equity real estate company built by industry leading professionals with a drive to produce consistent, income-driven results. Over our history, Front Street Capital has developed or acquired nearly $600 million in income-producing assets across the office, industrial, healthcare, and mixed-use asset classes.