A Canadian equity firm has more than doubled its money with the sale of a Cordova industrial park it initially bought at a foreclosure auction in 2011.
Trinity Ridge Business Center, located at 7730-7846 Trinity Road in Cordova, was bought by Corsair Boulevard LLC — an entity affiliated with Libitzky Property Companies — for $16 million.
“We are very excited to complete our first acquisition in the Memphis market after actively searching for three years,” said Nathan Petrowsky of Libitzky Property Companies. “Trinity Ridge Business Center represented an opportunity to buy a very well positioned and strong cash-flowing asset with an excellent tenant mix. We look forward to expanding our holdings in the Memphis market.”
Corsair purchased the property from Dalfen American Corp. It acquired the property for $7.6 million in 2011.
The Trinity Ridge Business Center is a 235,030-square-foot industrial park consisting of eight buildings on 22 acres.
The facility’s eight buildings were built between 1997 and 2007, with showroom and warehouse space, drive-up parking and dock-high, grade-level doors.
According to Dalfen, Trinity Ridge underwent capital improvements after its acquisition of the property.
Johnny Lamberson and Terry Radford, both of CB Richard Ellis Memphis, represented the seller, and Mac McKee with McKee and McFarland represented the buyer in the transaction.