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Teachers Buys Nearly 2M-SF Industrial Portfolio

MEMPHIS-L&B Realty Advisors sells a 96%-leased five-building portfolio here to TIAA-CREF. The buildings are located with the Southpark development in the southeast submarket.

By Brian K. Miller | Updated on October 11, 2005

(To read more on the industrial market, click here.)

MEMPHIS-L&B Realty Advisors of Dallas has sold a five-building, 1.6-million-sf industrial portfolio here to TIAA-CREF. The 96%-leased portfolio is located within the Southpark development in the southeast part of the city. The purchase price has not been released by the parties involved and was not otherwise immediately available.

Located on the corner of Shelby Drive and Lamar near Interstate 55, Southpark was developed by IDI between 1992 and 1995 as it was becoming one of the distribution hubs serving the Eastern US. The park consists of 13 buildings totaling 4.3 million sf. The buildings TIAA-CREF acquired are: Building K, 474,000 sf; Building L, 178,750 sf; Building M, 111,250 sf; Building N, 442,184 sf; and Building O, 404,400 sf.

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