January 13, 2017
Pacer Partners, in conjunction with Drake Real Estate Partners, acquired Southpark Buildings D and E from Transpacific Development Co. The asset, located in Memphis, TN, consists of two Class A industrial buildings totaling 566,281 square feet, and 100% leased to iQor Global Services LLC.
The sales price was not disclosed, with both buildings appraised at just over $11 million.
Southpark Building D (4540 Pleasant Hill Rd.) and Building E (4600 Pleasant Hill Rd.) were developed in 1991 and 1994, respectively. Both buildings were renovated in 2005, with upgrades including ESFR sprinklers, T5 lighting, and air conditioning. Jabil Global Services leased the space in 2005, and the lease was assumed by iQor Global when it acquired Jabil in 2014. Pacer Partners will work with the tenants to upgrade certain features of the property.
The 26.8-acre property is in Southpark Distribution Center, an institutionally owned business park housing 13 buildings, and totaling 3.4 million square feet.
For comments, questions or concerns, please contact Amy Sorter