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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.