{"id":1004340431,"date":"2019-07-23T03:41:30","date_gmt":"2019-07-23T11:41:30","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004340431"},"modified":"2019-07-23T04:27:10","modified_gmt":"2019-07-23T12:27:10","slug":"group-rmc-buys-memphis-office-buildings","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/group-rmc-buys-memphis-office-buildings\/","title":{"rendered":"Group RMC Expands Memphis Office Portfolio"},"content":{"rendered":"
\"\"<\/a>

Lenox Park. Image courtesy of CBRE<\/em><\/p><\/div>\n

Group RMC, a New York-based co-investment company, has acquired four office buildings totaling 391,297 square feet within Lenox Park, a seven-building office campus in Memphis, Tenn. Group RMC purchased Buildings C, at 3150 Lenox Park Blvd., and D, E and F, at 6750, 6775 and 6745 Lenox Center Court, respectively. HighBrook Investors, a New York-based private equity firm, sold the properties for $32.3 million, according to Yardi Matrix. <\/p>\n

Raymond Massa, a principal at Group RMC, said this is the fourth Memphis acquisition for the company since 2017, adding that the area\u2019s office market has sound fundamentals. The transaction is in line with the company\u2019s strategy to focus on undervalued office properties in secondary U.S. markets. Group RMC bought another Memphis office park<\/a> in September 2017 for $34.3 million, and selected CBRE to perform leasing services for the property.<\/p>\n

Lenox Park is situated in the metro\u2019s 385 Corridor submarket, 19 miles southeast of downtown Memphis. HighBrook originally purchased the buildings in 2012, before selling the assets to RMC. The offices are currently 87 percent leased to a mix of tenants including sports apparel producer Varsity Brands, health insurance companies Unified Health Services and Benefit Recovery Group, transportation and trucking company IMC Cos. and more.<\/p>\n

CBRE\u2019s Johnny Lamberson, Terry Radford, Justin Parsonnet and Will Yowell represented HighBrook in the transaction. CBRE also managed and leased the property while HighBrook owned the buildings, and will continue these operations through the ownership change. CBRE\u2019s Ron Kastner will handle the office leasing, Kevin Clarkson will lead property management services and Lisa Thomas will serve as on-site property manager.<\/p>\n

According to Lamberson, Lenox Park attracts tenants due to its high-quality construction and amenities. He added that the purchase was a strong investment, because the 385 Corridor submarket where the buildings are located is expected to see better absorption rates in the future, due to a high demand for Class A office space.<\/p>\n

Expanding office market<\/h2>\n

Memphis\u2019 office market is on a steady path of growth after seeing 12 consecutive positive quarters, according to CBRE\u2019s first quarter report<\/a> for the area. The first quarter for Memphis\u2019 office market had a vacancy rate of 14 percent, dropping from more than 15 percent during the same period last year. The market also saw more than 140,000 square feet of net absorption during the period. Furthermore, CBRE\u2019s study noted that tenants are seeking out high-quality offices in the East Memphis and 385 Corridor submarkets and that Memphis\u2019 market conditions would likely lead to steady growth for the rest of 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"

The $32.3 million acquisition of four properties totaling 391,297 square feet along the 385 Corridor marks the company\u2019s fourth purchase in the metro.<\/p>\n","protected":false},"author":883,"featured_media":1004340452,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,21742,21747],"tags":[32789,46418,37041],"class_list":["post-1004340431","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-latest","category-office","tag-cbre","tag-group-rmc","tag-highbrook-investment-management"],"acf":[],"yoast_head":"\nGroup RMC Expands Memphis Office Portfolio - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/group-rmc-buys-memphis-office-buildings\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Group RMC Expands Memphis Office Portfolio\" \/>\n<meta property=\"og:description\" content=\"The $32.3 million acquisition of four properties totaling 391,297 square feet along the 385 Corridor marks the company\u2019s fourth purchase in the metro.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/group-rmc-buys-memphis-office-buildings\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-07-23T11:41:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-07-23T12:27:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/Lenox-Exterior.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jackson Chen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/group-rmc-buys-memphis-office-buildings\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/group-rmc-buys-memphis-office-buildings\/\",\"name\":\"Group RMC Expands Memphis Office Portfolio - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/group-rmc-buys-memphis-office-buildings\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/group-rmc-buys-memphis-office-buildings\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/Lenox-Exterior.jpg\",\"datePublished\":\"2019-07-23T11:41:30+00:00\",\"dateModified\":\"2019-07-23T12:27:10+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/8d4607aca26f3427c49fe54ddc82ddf1\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/group-rmc-buys-memphis-office-buildings\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/group-rmc-buys-memphis-office-buildings\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/group-rmc-buys-memphis-office-buildings\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/Lenox-Exterior.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/Lenox-Exterior.jpg\",\"width\":800,\"height\":600,\"caption\":\"Lenox Park. 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