MEMPHIS, TENN. AND SOUTHAVEN, MISS. — Newton, Mass.-based Industrial Logistics Properties Trust, managed by The RMR Group, has purchased a portfolio of three industrial properties in the Memphis area for a total of $100 million. The three properties span a combined 1.3 million square feet. Casey Masters and Stewart Calhoun of Cushman & Wakefield brokered the transaction. The seller(s) was not disclosed.
One of the properties includes a 246,564-square-foot industrial asset located at 481 Airport Industrial Drive in Southaven. The property was built in 2008 and includes 193 auto parking spaces and 40 trailer parking spaces. The next property was a 602,500-square-foot industrial asset located at 8474 Market Place Drive in Southaven. Built in 2004, the property features 251 auto parking spaces. Lastly, there was a 437,940-square-foot property situated at 6380 E. Holmes Road in Memphis. The property was built in 2004 and includes 767 auto parking spaces and 70 trailer parking spaces. The buildings were fully leased to five tenants at the time of sale. Additionally, the properties are located near several highways such as Interstates 69 and 78.