GREER, S.C. — Development and investment firm CRG has sold Building C at The Cubes at Inland 85 in Greer, located midway between Greenville and Spartanburg. Investment management firm PRP purchased the asset for $119.5 million.
An affiliate of Techtronic Industries Co. Ltd. fully occupies the 1.4 million-square-foot distribution center. Techtronic is a global consumer products company headquartered in Hong Kong. Its brand portfolio includes Milwaukee, Ryobi, Hoover and others within the cordless power tools, accessories, floorcare and do-it-yourself segments.
Completed in early November, Building C features a clear height of 36 feet, 246 dock doors, a 185-foot truck court and 555 trailer parking spaces. The building is situated five miles from the Greenville-Spartanburg International Airport and four miles from Inland Port Greer, with rail connection to the Port of Charleston.
“The project benefits from great access to major transportation, which we know is more important than ever as e-commerce providers are striving to meet the growing consumer demands for quick delivery,” says Mike Demperio, partner and senior vice president of the Southeast region at CRG. “Additionally, Greenville-Spartanburg continues to be an attractive investment market because of its business-friendly, labor-rich environment and easy access to the Southeast and Eastern Seaboard.”
Garrett Scott, John Montgomery and Brockton Hall of Colliers represented the tenant. Esmael Hill of The Net Lease Group represented CRG in the disposition of the facility. The deal represents the first of a five-property industrial portfolio that CRG plans to develop then sell to PRP.
Based in Chicago, CRG has developed more than 9,000 acres of land and completed over 200 million square feet of commercial, industrial, institutional and multifamily assets exceeding $12 billion in value. The Cubes is a North American industrial brand that CRG owns.
Since its formation in 2005, Washington, D.C.-based PRP has acquired, developed or invested in 46 assets with a value in excess of $5 billion. It focuses on logistics and corporate headquarters facilities, data centers, value-add multifamily and value-add office.
— Kristin Hiller