Denver-based real estate investment manager Amstar and industrial property owner and operator Huntington Industrial Partner have announced the purchase of over 500,000 square feet of industrial space in Memphis. The purchase price of the deal, which involves six properties in the Southeast submarket of Memphis, has yet to be disclosed. The current transaction brings Amstar’s and Huntington’s Memphis industrial portfolio to 13 properties totaling over 1.6 million square feet.
“Amstar is building out a Southeastern U.S. industrial portfolio focused on stabilized, well-located industrial properties that Amstar believes will provide attractive current income. The Memphis acquisition affords Amstar the opportunity to expand its reach in the region into one of the top logistics markets in the country, and build upon its established and successful relationship with Huntington,” Amstar Senior Vice President Tricia Noble declared in a news release.
According to a report by CBRE, 2012’s fourth quarter closed with the Southeast industrial submarket of Memphis showing a total vacancy rate of 12.5 percent, the second-highest of metro Memphis. By comparison, the overall vacancy rate of Memphis MSA hovered around the 11.9 percent mark. Desoto County submarket, the highest performing industrial submarket in the greater Memphis area showed the only single-digit vacancy rate with 9.8 percent.
In other news, Atlanta-based Bull Realty Inc. arranged the sale of Wolf River 2, a 52,500-square-foot medical office building in Germantown, Tenn. Bull Realty’s Michael Bull worked with buyer Healthcare Realty Trust on the $16.2 million off-market transaction. Seller Landstone Development was represented by Roger Massell of Massel Cos.
Bull Realty was also involved in the recent sale of the 40,000-square-foot Wolf River 3 medical office building.
Photo courtesy of The Wilbert Group
Chart courtesy of CBRE