Gibson Brands will sell its Memphis guitar factory to real estate investment firms Somera Road Inc. and Tricera Capital, reported the Memphis Commercial Appeal.

The transaction is expected to close Dec. 13. It involves a 150,000 square-foot factory and showroom south of Beale Street between Second and Third and 350-space parking lot.

“We’re especially interested in markets with a growing and buzzing millennial population, and we continue to invest in those urban cores,” said Scott Sherman of Tricera Capital in a news release. “Memphis checked all of the boxes we look for in new markets. With the continuously growing downtown population, we are eager to use this transaction to open the door to additional opportunities. We want to capitalize on Memphis’ narrative and economic growth. We’re excited to be here.”

“We’re excited to get to know the various stakeholders here and explore all viable development options for the property. We want to be great partners to the city and are eager to engage the community to determine what is best suited for this site,” added Ian Ross of Somera Road.

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