CB Richard Ellis announced it has represented Dallas-based L&B Realty Advisors in the sale of a five-building, 1.6 million-square-foot industrial portfolio in Memphis, Tenn.
The value of the transaction was not disclosed.
TIAA-CREF purchased the portfolio.
The five Southpark buildings (K, L, M, N and O) range in size from 111,250 square feet to 474,000 square feet and are occupied by publicly traded tenants. Southpark was developed by IDI between 1992 and 1995.
The portfolio was 96 percent occupied at closing.
Los Angeles-based CB Richard Ellis is a commercial real estate services company.
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