Updated Apr 29, 2026
Leon Backes Of Provident Realty Advisors Inc Acquires 2.67M SF Industrial Portfolio For $115M
4971 Southridge Boulevard, 5400 Meltech Dr, 5838 Advantage Cove, 3884 Crowfarn Drive & 262 Marathon Way
$115,000,000
$8/SF
Building Size
2,670,000 SF
Asset Type
Industrial
Closing
Apr 27, 2026
About this deal
AI
A industrial portfolio consisting of 13 buildings was sold for $115 million. The properties span a total of 2,670,000 square feet and are located across Memphis, including addresses at 4971 Southridge Boulevard, 5400 Meltech Dr, 5838 Advantage Cove, 3884 Crowfarn Drive, and 262 Marathon Way. The transaction reflects a price per square foot of $43 within the Memphis and Southaven, TN markets.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $115,000,000
- Buyer: Leon Backes - Provident Realty Advisors Inc
- Seller: Blackstone Real Estate Income Trust Inc
- Square Footage: 2,670,000
- Price Per Square Foot: $43
This transaction was brokered by Newmark, indicating the involvement of a reputable real estate advisory firm in facilitating the sale between the buyer, Provident Realty Advisors, and the seller, Blackstone REIT.
Players
Memphis Industrial Market Snapshot
Boundary boundary · Industrial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93