Exeter Affiliates Buy $43M of Industrial Space in Memphis
- Apr 09, 2014
By Eliza Theiss, Associate Editor
The Memphis industrial market recently saw the $43 million sale of an industrial portfolio. According to The Memphis Daily News, affiliates of Pennsylvania-based Exeter Property Group have picked up a three-property industrial portfolio from affiliates of Texas-based special servicer C-III Asset Management LLC.
The buyer paid a total of $42.9 million in three special warranty deed transactions. The portfolio included the Memphis International Distribution Center at 4550 Swinnea Road, which fetched $10.1 million; a warehouse at 6005 Freeport Avenue, which sold for $14.8 million; and a warehouse at 3399 East Raines Road, which was bought for $18 million. A limited liability company identified as Exeter 6005 Freeport filed a $61.1 million loan through Bank of America to purchase the portfolio.
According to real estate website PropertyShark.com, the 3399 E. Raines Road property was last purchased in July 2013 for a little over $8.9 million by Jpmcc 2007 Ldp 10, an entity that shares its address with C-III Asset Management. Built in 1995, the 605,539-square-foot property sits on 28.6 acres. PropertyShark estimated its total market value at close to $17.15 million, while it put the value of 6005 Freeport Avenue at just short of $14 million. The latter was purchase by the same entity in July 2013 for $10.5 million. The 2000-built warehouse features 556,221 square feet of industrial space on a 22.7 acre site.
The Memphis International Distribution Center, located at 4550 Swinnea Road, was purchased for $4.2 million July2013 by Jpmcc 2007-Ldp10-4550 Swinnea Rd LLC, an entity that also shares an address with C-III Asset Management. Built in 1998, the 344,016-square-foot warehouse is located on 16.5 acres. PropertyShark estimated its total market value at a little over $10 million.
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