Exeter Buys 4.4M-SF Portfolio Out of Special Servicing

PLYMOUTH MEETING, PA—Exeter Property Group, headquartered here, has closed on the $132-million acquisition of an eight-building, 4.4-million-square-foot industrial portfolio located in Memphis, the Nashville metro area and Columbus, OH. Formerly known as StratREAL Industrial Portfolio II, the buildings had been in special servicing since last June, when LNR Property LLC took control of them upon their transfer from London-based Strategic Realty Advisors Ltd.

“Unlike the initial phase of workouts and dispositions of distressed assets, it appears that even institutional-quality assets are now moving through the system,” says Andrew Phillips with Colliers International in Memphis. “Opportunities to acquire a critical mass of value-added, class A product continue to decline. We had significant interest from many of the industry’s largest players, which contributed to our ability to move the portfolio in just 90 days from assignment to closing.”