A three way partnership between Northpath Investments and TrueStone Group has accomplished the $34.8 million buy of 1101 Syphrit Method, a five-building, 748,000-square-foot industrial park in Wellford, S.C. The partnership acquired the property from textile producer Leigh Fibers in a sale-leaseback transaction, marking Northpath’s first industrial buy in South Carolina.
A JLL Capital Markets crew represented the customer in procuring acquisition financing by means of MidCap Monetary. Lyons Industrial Properties brokered the sale on behalf of Leigh Fibers.
The 1101 Syphrit Method campus was inbuilt 1961 on 56.9 acres, in accordance with CommercialEdge knowledge. The event was 95 p.c occupied on the time of sale. Following the transaction, Leigh Fibers will proceed to occupy 590,307 sq. toes on the property it had owned for greater than 60 years.
The buildings characteristic greater than 4 mixed dock-high loading platforms with 67 dock positions, rail-capable loading doorways and 205-foot truck courts, CommercialEdge knowledge reveals. The advanced sits on the intersection of routes 29 and 129, adjoining to Interstate 81, inserting it halfway between lots of the Southeastern U.S.’ largest cities and markets.
JLL Managing Director Michael Klein represented the customer, whereas Robert Lyons, president of Lyons Industrial Properties, labored on behalf of the vendor.
South Carolina’s industrial panorama
The sale of 1101 Syphrit Method befell throughout a widespread reshoring of the nation’s industrial capabilities, partially as a result of provide chain instability, geopolitical strife and local weather change. For its half, South Carolina noticed a downward-trending emptiness fee of three.10 p.c, alongside 23.2 million sq. toes of house in its building pipeline on the finish of the 12 months’s second quarter, in accordance with a Colliers report.
One of many largest tasks within the space is Evergreen Logistics Park, a 2 million-square-foot manufacturing and distribution campus underway in Anderson, S.C. Hunt Midwest broke floor on the event’s first constructing in June.
One other industrial growth is coming on-line 20 miles from 1101 Syphrit Method. In July, a partnership between SunCap Property Group and the Actual Property enterprise inside Goldman Sachs Asset Administration began building on Enterprise 85, a speculative campus in Greenville, S.C. At full build-out, the property will complete some 1.6 million sq. toes.
