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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.
••• LRC Properties has purchased 4926 Southridge Blvd. in Memphis. The 640,000 s/f building, also known as the Technicolor Building, is LRC Properties’ first property in the Memphis, TN, marketplace.
Brian Califf of
NAI Saig Company brokered the sale. LRC Properties owns approximately four million square feet of commercial properties in the Southeast.
ANDREW LICHTENSTEIN ••• LichtensteinRE announced the sale of Congers Colonial Plaza Shopping Center located at 285 North Route 303 in Congers, New York, for $4 million.
Andrew Lichtenstein represented the seller and negotiated a 4% fixed rate interest only 60% $2,400,000 loan to purchase price first mortgage. The buyer invested $1,600,000 from his 1031 exchange. Built in 1997, the shopping center contains 15 stores plus nine interior enclosed garage/warehouse/storage spaces with 6.5 ft. overhead doors in the rear. The property was 67% occupied at closing. Situated close to the intersection of Routes 303 and