Rye Brook, NY-based LRC Properties has acquired a 1,115,269 s/f industrial portfolio in Memphis for $57 million.
The portfolio comprises three buildings located at 3530 East Raines Road, 5510 East Holmes Road and 5540 East Holmes Road.
It is the second major purchase LRC Properties has made in Memphis and follows its recent purchase of the Technicolor Building at 4925 Southridge Blvd in December 2020.
The acquisition was completed via a joint venture with funds managed by Miami-based Rialto Capital Management.
The properties are currently fully occupied by Geodis Logistics and Dayco. LRC Properties plans to do minor capital improvements to the properties.
“Our purchase of this portfolio of properties is part to our continued industrial growth strategy for the Memphis market,” said Karie Nero, Principal of LRC Properties.
“We view Memphis as a key market, one that is improving with a solid infrastructure that will see continued improvement and rent growth. Equally as important, this property, like all of our properties, will provide a strong return on investment for our investors.”
With this purchase, LRC Properties owns approximately six million square feet of commercial properties in the Southeast with assets under management more than $560 million.