Former IKEA Building in Cordova Sold after May Closure

The former IKEA property in Cordova has sold, marking a new chapter for the building following the retailer’s closure in May.

Danny Buring of TSCG confirmed the sale on September 29. The buyer and purchase price have not been disclosed, and the transaction had not yet appeared in Shelby County’s public property records at the time of confirmation.

Located at 7100 IKEA Way, the approximately 271,000-square-foot building sits on 28.34 acres. Its development was part of IKEA’s $64.26 million investment in the Memphis market.

In 2015, the Economic Development Growth Engine for Memphis and Shelby County (EDGE) approved an 11-year payment-in-lieu-of-taxes (PILOT) incentive for the project, which was expected to create 175 jobs. The store opened in December 2016, with the lease under the PILOT agreement scheduled to run through December 2026.

IKEA announced plans to close the location in February and ceased operations in May.

TSCG’s Danny Buring, Robert Sloan, John Isbell, and Lynn DeMarco, alongside CBRE’s Tom Flynn and Stephanie Allen, represented the seller, IKEA Property Inc. Stan Myers of JLL represented the buyer.

Additional Press by Yahoo News