Provident Industrial has acquired a massive industrial portfolio in the Memphis metropolitan area that takes up a total of 2.53 million square feet.
The acquisition, which was led by the Dallas-based firm's Case Van Lare (managing director) and Christopher Martin (market officer), includes 13 buildings.
For Provident, this provides the firm with two opportunities. One is the expansion into Memphis, which the company refers to as "one of the country's most established distribution and logistics corridors" thanks to its home in "one of the world's busiest cargo airports." Currently, Provident has offices in Phoenix, Dallas, Houston and Philadelphia.
The other is the purchase fits its strategy, which involves buying well-located properties in supply-constrained and high-demand markets with long-term growth upside.
"Memphis occupies a truly unique position in the global supply chain," Van Lare said in a statement.
"Its role as a world-renowned logistics hub, combined with the strength of its intermodal infrastructure, creates the kind of sustained, long-term demand from high-quality tenants, like the ones in our new portfolio."
At the end of 2025, Memphis saw more modest industrial rent growth year-over-year (4.5 percent), according to a report from CommercialCafe. The national average was up 5.7 percent to $8.76 per square foot.
Overall, Provident's industrial facilities locations are focused on Sun Belt states, including Texas, Georgia, South Carolina and Arizona. Yet, the firm announced last month that it would expand its industrial platform in the Northeast, with the appointment of Eric Moser, who is now serving as the market officer in the region for development and acquisitions.
Also, earlier this year, the company announced that it sold a 162,180 square foot distribution center in Houston.
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