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Fred’s sells Memphis headquarters building, new owners see bright future

MEMPHIS, Tenn. — Fred's, the struggling Memphis-based retailer, has sold its headquarters building on New Getwell Road.

The building was purchased by Olymbec, a commercial real estate company that established its U.S. headquarters in Memphis in 2017. The new owners say the building is 1 million square feet and they're are getting a lot of interest.

"It's a big win for Memphis, really, to be able to bring life to a new area of the city," Olymbec Executive Vice President of Operations Jason Berger said.

He says they're confident they'll rent out the building in no time.

"The building is serviced by a rail spur, which is very unique. It's eight minutes from the airport and has great access to highways," Berger said.

They say they have heard from several groups that are interested in moving in, but they can't give names just yet.

"There aren't a lot of options for a company looking for a building of that magnitude in the city, so it's an exciting opportunity for larger companies that hadn't considered Memphis before," leasing agent Kelsey Buchbinder said.

WREG went to the Memphis headquarters on Tuesday. None of the employees wanted to speak on camera, but they did tell us they heard the company was moving the Memphis office to another location by Highway 385 and Kirby.

Fred's stores have been closing, and the company is struggling.

We asked employees if they heard anything about layoffs, and they said they hadn't.

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