Former IKEA Building in Cordova Has Sold
The 271,000-square-foot property in Cordova recently changed hands following the store's closure earlier this year.
Updated on Sept. 29, 2026 in Commercial
Live Poll
Is the sale of large vacant commercial buildings generally good for your local community?
The former IKEA facility located at 7100 IKEA Way in Cordova has officially been sold. The transaction concludes the chapter for the 28.34-acre site, which ceased operations as a retail store in May 2026.
Why it matters
The sale marks a significant transition for the large commercial footprint in Cordova that initially represented a major investment in the area. Local officials and stakeholders will now look to see how the property is repurposed following the departure of the furniture giant.
The property occupies 28.34 acres and contains a 271,000-square-foot building. IKEA originally invested $64.26 million in the development, which was supported by an 11-year tax incentive agreement approved in 2015.
The players
IKEA
IKEA is a multinational furniture retailer that operated the Cordova store for nearly a decade.
Economic Development Growth Engine
This Memphis and Shelby County agency manages tax incentives to stimulate local commercial development.
The details
The real estate transaction was facilitated by The Shopping Center Group, CBRE, and JLL. Public records maintained by the Shelby County Register of Deeds confirm the sale of the site at 7100 IKEA Way.
Timeline
The Economic Development Growth Engine approved an 11-year tax incentive in 2015.
The IKEA store in Cordova opened in December 2016.
The retail store closed its doors in May 2026.
The sale of the building was officially confirmed on September 29, 2026.
Culture Shift
The sale marks the conclusion of the 2015 EDGE payment-in-lieu-of-taxes agreement, which originally incentivized the site's initial development. This reflects the broader volatility in large-format retail real estate as major brands pivot their physical footprint strategies.
The transition of this massive property may eventually bring new business activity to the Cordova area, impacting local job opportunities and traffic patterns. Residents should monitor for future redevelopment plans that could alter the commercial landscape of the corridor.
The takeaway
The sale of this major landmark serves as a reminder of the evolving nature of large-scale commercial real estate. Communities should prepare for potential shifts in land use when major anchor tenants vacate substantial regional footprints.
Further reading
For more information on property trends, visit the Memphis Commercial section.
Source note: This article includes information reported by The Commercial Appeal.
Live Poll
Is the sale of large vacant commercial buildings generally good for your local community?
