Arcis Spends $16M Plus for Business Park Trio

(Read more on the industrial market.)

BIRMINGHAM, AL-Arcis Investments Inc. has acquired a three-building portfolio in Lakeshore Crossings Business Park for $16.2 million from a local partnership, East London I, II & III LLC. The portfolio, totaling 155,806 sf, was fully leased at sale time.

Sonny Culp, senior vice president for Graham & Co.’s Birmingham office, tells GlobeSt.com that Tampa-based Arcis’ acquisition was a strict investment play–unlike its other purchases in the area. “Typically, they like stuff with upside, mostly value buys with vacancies,” says Culp, who represented the seller. “This particular purchase was an income play, a cap-rate deal with stabilized income. They saw it as a nice mix with what they already have.” The just-bought buildings are located at 151-201 London Pkwy. and 1030 London Dr.