Hertz Investment Group to Enter Memphis market; EdR Acquires St. Louis Property for $28.45M
- Jan 13, 2012
Santa Monica, Calif.-based Hertz Investment Group LLC, a fully integrated national real estate investment company specializing in the acquisition, marketing and management of properties throughout the country, recently announced plans to enter the Memphis market by acquiring five office buildings totaling 672,247 square feet, as part of a larger deal with Orlando, Fla.-based Parkway Properties Inc., which is expected to close during the first quarter of 2012.
If the deal goes through, the company will pay $147.5 million for 1.9 million square feet of properties in Memphis, Jackson, Miss., and Richmond, Va., as reported by the Memphis Business Journal.
The Memphis purchase will include the 155,061-square-foot Falls Building and the 174,700-square-foot Toyota Center Downtown; and Forum I, Forum II and III in East Memphis.
Upon completion of the sale, Parkway Properties would still own one Jackson property totaling 267,000 square feet and one Memphis building totaling 337,000 square feet; it would completely exit the Richmond market, as part of its strategy to divest its “non-core portfolio.” The remaining assets in Jackson and Memphis will continue to be marketed for sale, according to company statements.
In other news, Memphis-based Education Realty Trust, one of America’s largest owners, developers and managers of collegiate housing, acquired a four-story apartment complex in St. Louis, Miss. for $28.45 million.
The collegiate community is located at 3494 Lindell, near St. Louis University and includes 256 beds in 197 studios, one-, and two-bedroom apartments. The units feature ceramic countertops, modern appliances, wood cabinets, wood floors, full-size washers/dryers and large walk-in closets. Amenities include a swimming pool, a business center, a fitness center and attached garage parking. The property is currently 91 percent occupied for the 2011-2012 academic year, according to a Memphis Business Journal story.