(Read more on the industrial market.)
BIRMINGHAM, AL-Arcis Investments Inc. has acquired athree-building portfolio in Lakeshore Crossings Business Park for$16.2 million from a local partnership, East London I, II & IIILLC. The portfolio, totaling 155,806 sf, was fully leased at saletime.
Sonny Culp, senior vice president for Graham & Co.'sBirmingham office, tells GlobeSt.com that Tampa-based Arcis'acquisition was a strict investment play--unlike its otherpurchases in the area. "Typically, they like stuff with upside,mostly value buys with vacancies," says Culp, who represented theseller. "This particular purchase was an income play, a cap-ratedeal with stabilized income. They saw it as a nice mix with whatthey already have." The just-bought buildings are located at151-201 London Pkwy. and 1030 London Dr.
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