SRC Insight | SRC executes purchase purchase option with Davis Properties

SRC converts a 10-year lease for its SRC Logistics division. Photo Courtesy Google Maps.

By Geoff Pickle, Web Producer

SRC Holdings Corp. bought a 410,000-square-foot building it’s leased from Warren Davis Properties since 2007. 

Patrick Harrington, co-owner of Davis Properties, said SRC exercised a purchase option after 10 years to buy the 2065 E. Pythian St. home of SRC Logistics Inc. He declined to disclose the purchase amount for the deal that closed in late July. 

Harrington said Davis Properties owned the property since 2004, and SRC signed its lease in 2007. The 17.6-acre property east of Chestnut Expressway and Glenstone Avenue has a 2017 taxable appraised value of $844,500, according to Greene County assessor records. 

Last year, SRC invested $700,000 in the Pythian Street plant and created 50 jobs after subsidiary Global Recovery Corp. relocated to the former Regal Beloit plant. SRC bought the Regal Beloit building for $11 million in late 2015, according to Springfield Business Journal archives. 

SRC Logistics is a third-party provider of freight and core management, warehousing, finished goods distribution, supply management and information technology, according to its website.