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Plymouth Industrial REIT Acquires Memphis Industrial Portfolio for $22M
Plymouth Industrial REIT has acquired a 566,281-square-foot industrial portfolio in Memphis for $22 million.
The two-building industrial portfolio is located within the Southpark Distribution Center, and is nearby FedEx and UPS hubs at the Memphis International Airport. The property is currently fully leased to iQor Global Service under a triple net lease. Previous ownership extended the lease for five years prior to the sale.
The seller, a joint venture between Pacer Partners and Drake Real Estate Partners, had purchased the property in 2016 for $15.5 million.
“This sale demonstrates our firm’s ability to identify undervalued assets in strong markets, where we can leverage our extensive tenant advisory experience to achieve outsized returns,” said Jon Bourbeau, CEO at Pacer Partners.
“We couldn’t be happier about inking our first exit as part of our venture with Pacer, a partnership that now owns 10 properties. Both the lease extension and the subsequent profitable exit validate the Drake‐Pacer programmatic playbook.” said David Cotterman, managing partner at Drake Real Estate.
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- ◦Sale/Acquisition
