LOS ANGELES--(BUSINESS WIRE)--April 10, 2006--IDI has signed a build-to-suit agreement with Herbalife Ltd. (NYSE: HLF) to develop a 129,600-square-foot distribution facility at Chickasaw Distribution Center in the Southeast submarket of Memphis.
Herbalife signed a 10-year lease to occupy Building K at IDI's Chickasaw Distribution Center, a 4.6-million-square-foot master-planned business park. The building, now under construction at the park, will be Herbalife's regional fulfillment center. The company is scheduled to occupy the space September 1. Mike McRoskey and Frank Scott of Staubach Los Angeles and Andy Cates of Colliers Wilkinson Snowden represented Herbalife in the $6.3 million deal.
"Herbalife wanted to be in a modern distribution center in a business campus setting," said Tim Moore, vice president of leasing in IDI's Memphis development office. "As part of the agreement, Herbalife has the sole right to expand on the adjacent land, which gives them the capacity to double their space to about 260,000 square feet on the site."
"We chose this site because we want to build a state-of the art distribution and walk-in facility from the ground up for our independent distributors and employees", commented Tom Harms, vice president, U.S.A. operations at Herbalife.
Building K is under construction on the last remaining parcels of developable land at Chickasaw. "This basically completes IDI's development at the site," Moore said. However, space for tenants with space needs of up to 550,000 square feet is available for lease at buildings D, G and J at the park.
Also in the Memphis market, IDI is developing Stateline Business Park, which will total 3.9 million square feet upon completion. The park offers tenants space options ranging from 9,600 square feet to 784,240 square feet. In addition to the completed 257,976-square-foot Building C and 784,240-square foot Building D, the park includes the 241,164-square-foot Building A and the 409,176-square-foot Building E, both scheduled for completion in May 2006.
About Herbalife (www.herbalife.com)
Herbalife is a global network marketing company that sells weight-management, nutritional supplements and personal care products intended to support a healthy lifestyle. Herbalife products are sold in 61 countries through a network of more than one million independent distributors. Herbalife Investor Relations http://ir.herbalife.com/
About The Staubach Company
The Staubach Company (www.staubach.com) is the market leading global real estate advisory firm that delivers cost-effective solutions for the users of office, industrial and retail space. It has extensive experience in strategic consulting, site selection, acquisition, disposition, construction consulting / project management, real estate administration, portfolio management, financing and capital solutions.
1,277 people in 60 offices throughout the Americas represent Staubach's 2,400 clients. Staubach completed 5,600 transactions totaling $21 billion and 290 million square feet during the fiscal year ending June 2005.
Worldwide, the DTZ Staubach Tie Leung partnership has more than 10,000 professionals delivering services and solutions to multinational clients.
In addition to its Memphis regional office, IDI operates development offices in Atlanta, Chicago, Cincinnati, Dallas, Fort Lauderdale, Los Angeles and Philadelphia. IDI (www.idi.com) is a national, full-service industrial real estate developer based in Atlanta, providing strategically located properties throughout the U.S. to meet its tenants' distribution, warehouse and light-manufacturing needs. In addition, IDI Services Group provides comprehensive property management, leasing and construction management services, currently managing 51 million square feet of property for IDI tenants. IDI has developed 102 million square feet of industrial space worth $4.2 billion.