MEMPHIS, June 30, 2022 – Birmingham based Graham Capital announced today that it has closed on the $20.2M acquisition of four class-B warehouses in the Desoto County submarket of Memphis, TN. The acquisition marks the 10th transaction within Graham Capital’s Fund I, which targets value-add and opportunistic industrial properties in the Southeast.
The Portfolio, located at 10700 – 10800 Ridgeway Industrial Drive, totals 373,750 SF and is currently 75% occupied. 10,700, 10750, and 10800 are currently 100% leased to Plaskolite, North America’s leading manufacturer of acrylic sheet and performance-enhancing hard coatings, with a remaining lease term of ~9.0 years. 10795 Ridgeway Industrial Drive, 91,075 SF, currently sits vacant and is ready for immediate occupancy. The Portfolio is ideally positioned to achieve upside through lease-up of the vacancy at a competitive discount relative to new construction lease rates. The properties provide stable long-term cash flow, supported by a strong tenancy and a prime location in Memphis’s highly sought-after Desoto County submarket.
The Portfolio is strategically located on the TN/MS line less than four miles from I-22/U.S. 78 and boasts a superior logistics location while benefiting strongly from Mississippi’s renowned pro-business environment. The Desoto County submarket offers exceptional access to Memphis’ major transportation thoroughfares, the Memphis International Airport, FedEx Super Hub, and the BNSF Intermodal Rail Yard. The overall Memphis market has experienced 7.4% average annual rent growth over the past five years.
“We are excited to plant a flag in the Memphis market and continue our strategy of acquiring functional industrial products,” said Matthew Graham. “The Ridgeway Memphis properties offer stability and the opportunity to drive value through rent growth and long-term recurring cash flow.”
Graham Capital is a real estate private equity firm based in Birmingham, Alabama, focused on acquiring and developing highly functional distribution centers in high-growth Southeastern industrial markets.
For more information about Graham Capital, please reach out to Taylor Graham at 205.380.1051 or Matthew Graham at 205.380.1014.