CRG Announces Disposition of 1.4 Million-Square-Foot Distribution Center In Greenville-Spartanburg, South CarolinaDecember 10, 2021
CRG, the Chicago-based national real estate development and investment firm, announced today the successful completion, lease up and disposition of The Cubes at Inland 85 – Building C, a 1.4-million-square-foot, Class A distribution facility in Greer, S.C., to PRP, a leading investment management firm focused on credit net lease investments, for $119.5 million. The facility is fully leased to an affiliate of Techtronic Industries Co. Ltd. (“Techtronic”).
The Cubes at Inland 85 – Building C was started by CRG as a speculative 500,000-square-foot building with the ability to expand up to 1.4 million square feet. Techtronic quickly identified the project and location as ideal for its operations and worked with CRG to expand the facility to its current size. CRG partnered with Esmael Hill, managing principal of Atlanta-based The Net Lease Group, to lead the disposition of the asset to PRP. This deal is the first of what will be a five-property portfolio of industrial deals that are sold from CRG to PRP.
“We have a high level of conviction in the Greenville-Spartanburg market and it’s been incredible to see our strategy play out successfully,” said Shawn Clark, president of CRG. “This project is the second expansion to over 1 million square feet to accommodate user requirements at The Cubes at Inland 85 and is a perfect example of the power of our integrated model, which allows CRG to deliver critical space for our clients while creating value for our investors.”
Completed in early November, The Cubes at Inland 85 Building C is a modern, state-of-the-art facility offering cross-dock loading configuration, 36’ clear heights, 246 dock doors, a 185-foot truck court and 555 spaces of excess trailer parking. It is 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,” said 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.”
Techtronic is a leading worldwide consumer products company included in the Hang Seng Index of top 50 largest public companies in Hong Kong. Its brand portfolio includes Milwaukee, Riyobi, Hoover and other leaders in the cordless power tools, accessories, floorcare and do-it yourself (DIY) segments.
Both The Cubes at Inland 85 and the tenant were represented by Garrett Scott, SIOR, John Montgomery, and Brockton Hall of Colliers International.
CRG is a privately held real estate development firm that has developed more than 9,000 acres of land and delivered over 200 million square feet of commercial, industrial, institutional and multifamily assets exceeding $12 billion in value. CRG leverages a powerful North American platform with local market expertise and offices in Atlanta, Chicago, Columbus, Southern California, St. Louis and Philadelphia. CRG’s philosophy of developing for the future and anticipating the enhanced needs of next generation users led to the creation of its industrial brand, The Cubes, and its multifamily brand, Chapter. For more information, visit CRG’s website at realcrg.com.
About The Cubes:
The Cubes is a North American industrial brand owned and developed by CRG. The Cubes represents CRG’s philosophy of developing for the future and anticipating the enhanced needs of tomorrow’s modern industrial user. The Cubes are designed with an emphasis on sustainability, and implement state-of-the-art specifications, including maximum clear heights, dock doors and trailer storage to keep pace with the shift to consumer-centric logistic strategies. The Cubes are located on strategic sites that take into consideration both logistics and labor supply, always with the end user in mind.
PRP is a real estate investment management company with a focus on mission-critical logistics and corporate headquarters facilities leased to investment-grade companies on a long-term basis, investments in Opportunity Zones, investments in existing data centers and land zoned for data center use, value-add multifamily apartments and value-add office. Founded in 2005, PRP executes these strategies and asset manages a national portfolio of assets on behalf of its institutional investors, family offices and financial institutions. PRP has proven expertise in selecting and managing attractive risk adjusted real estate investments located in major markets throughout the United States. Since its formation, the company has acquired, developed or invested in 46 assets with a value in excess of $5 Billion in all property sectors. PRP is privately held and is headquartered in Washington, DC. PRP is a creative buyer and seller of real estate and considers a variety of equity and debt investment structures. For more information on PRP, please visit www.prprei.com.