Shane Soefker and Jacob Biddle, principals with Avison Young, brokered the disposition of a nine-building industrial portfolio within Memphis International Airport Center in Memphis. Avison Young brokered this deal on behalf of a private equity fund based in Connecticut.
Faropoint Investments purchased the more than 1.14-million-square-foot portfolio for $33.1 million.
The nine properties, made up of class-A and class-B warehouses, sit within the 133-acre master planned park. The park is located within a quarter-mile of the Memphis International Airport.
The portfolio buildings contain 24- to 30-foot clear height and high-density sprinkler systems. The portfolio was at 93.1 percent occupancy at the time of the sale. Tenants include FedEx, DHL, Kohler and the U.S. Postal Service.
Brian Calif, exeuctive vice president with NAI Saig, represented the buyer.
