Nike's New Tennessee Digs
Beaverton, Ore.–based Nike Inc. is acquiring a 125-acre parcel of land in Memphis, Tenn., known locally as Northridge, where the athletic shoe and apparel giant will build a 1-million-square-foot footwear distribution center. Nike purchased the tract from Memphis-based Belz Enterprises. The footwear maker is also eligible for a regional tax break based on anticipated job creation and capital investment through the Industrial Development Board for Memphis and Shelby County. Nike’s new facility is located in the Frayser area of Memphis, which was already designated as an enterprise zone to encourage investment from large employers to help boost the surrounding community’s economy. The new distribution center will house employees from Nike’s existing Winchester Road facility in Memphis, as well as employees who will relocate from another distribution center, based in Wilsonville, Ore. Nike has struck a $27.6 million sale-leaseback agreement with CB Richard Ellis Investors for the Wilsonville distribution center, which will allow Nike to continue its operations at the facility through 2008.
