Barnhart Crane & Rigging Co. has paid $2.6 million for the industrial property at 2085 W.E. Freeman Drive in the Defense Depot area as part of its local expansion.
The Memphis, Tennessee based company bought the 153,455-square-foot facility in a June 27 special warranty deed from Varma Family LP. The board of the Economic Development Growth Engine for Memphis and Shelby County last month approved a nine-year payment-in-lieu-of-tax (PILOT) program for Barnhart.
The company plans to invest $5.2 million in the property, including the addition of a 60,000-square-foot warehouse. The expansion should add 20 jobs, at an average salary of $64,532, and create $838,043 in new tax revenue for the city and county.
The project will bring in $1.27 of new tax revenue for every $1 abated, according to EDGE.
Built in 1990, the Class C industrial building sits on 14.4 acres on the west side of W.E. Freeman Drive north of Memphis Depot Parkway. The Shelby County Assessor of Property’s 2013 appraisal is $1.5 million.
Varma Family bought the property in 2011 from The Depot Redevelopment Corp. of Memphis and Shelby County, Tennessee, for $1.1 million.
Source: The Daily News Online & Chandler Reports