The lead deal in Friday’s Inked column was about Drexel Chemical Co., which recently purchased a 137,526-square-foot manufacturing/distribution facility on Presidents Island.
Drexel is already headquartered on Presidents Island and has four warehouses there, among other facilities. The local agricultural chemical provider is one of the two main industrial users of the island that borders Downtown Memphis, along with Cargill Inc.
The warehouse at 2070 and 2071 Channel Ave. had been vacant for awhile, and Drexel was able to snatch it up for only $5.89 per square foot.
At this time, Drexel has not decided what all it will do with the building other than warehousing, said company spokeswoman Leigh Shockey.
“We are in the cleanup/remodeling stage but are excited to have an even larger presence on Presidents Island,” Shockey said. “We think it’s a fantastic location given the accessibility to rail and road transportation.”