Blue Vista Capital Management, an investment management firm, has bought Shelby Oaks Industrial Park, a 480,911-square-foot portfolio of industrial and flex properties located in Memphis, Tenn.
Shelby Oaks Industrial Park is a 50-acre property offering distribution, warehouse and flex assets with varying levels of office and showroom space and ranging in size from 12,000 to 90,000 square feet. At the time of purchase, the property was approximately 95 percent leased to 78 tenants across the technology, telecommunications, manufacturing, service and food and beverage sectors. In partnership with Westmount Realty Capital LLC, Blue Vista acquired a majority interest in the property on behalf of its middle-market real estate fund, Blue Vista Real Estate Partners V.
“Located proximate to FedEx’s world hub, the Memphis Industrial market is well-positioned to support the city’s expanding role in the U.S. distribution network,” says Brandon Goetzman, managing principal and co-head of equity at Blue Vista. “The interstate accessibility, proximity to local businesses, flexible spaces, and attractive rental profile will also cater extremely well to the submarket’s tenant base.”