UPS to spend $216M on expansion at Memphis airport

UPS is set to expand its facilities at the Memphis International Airport in Tennessee, a $216 million project the Airport Authority greenlighted late last week, according to multiple reports. The expansion, which marks the sixth amendment in the 23-year-old lease agreement, adds 1.1 million square feet of land to the 5.9 million square feet it already leases from the airport. UPS will reportedly use the space for facility support and trailer parking. The Memphis expansion follows UPS' announcement of a nearly $1.4 billion investment in Pennsylvania, including a new "super hub" in Harrisburg, and FedEx's announcement of its additional $450 million Memphis investment.