Glenstar Logistics has accomplished the primary of 5 buildings on the $415 million, 290-acre Cherokee Commerce Middle 85 in Gaffney, S.C. The speculative, cross-docked 550,520-square-foot constructing will be expanded to 1.3 million sq. toes.
Upon full buildout, the commercial park adjoining to Interstate 85 in upstate South Carolina’s Cherokee County industrial hall will whole as much as 3.6 million sq. toes. Potential makes use of embrace warehousing and distribution, superior manufacturing, meals processing, meeting/mild manufacturing and refrigeration/chilly storage.
Glenstar Logistics, the commercial arm of Chicago-based Glenstar, is growing CCC-85 in partnership with Creek Lane Capital. The undertaking was introduced within the fall of 2022. In July 2023, the builders acquired the ultimate approval for a tax incentive bundle from the Cherokee County Council.
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The developer started vertical development of the primary constructing in August. CrossHarbor Capital Companions supplied a $38.2 million development mortgage in September 2023 for the primary part of the undertaking.
The event staff contains common contactor The Conlan Co., structure agency Ware Malcomb and SeamonWhiteside as civil engineer.
A big South Carolina industrial park
The primary constructing options 40-foot clear heights, 56-by-50-feet column spacing, 60-foot pace bays, as much as 232 dock doorways, 4 drive-in doorways and versatile parking. The asset will be capable of accommodate as much as 200MW of energy inside three years.
The opposite 4 warehouses that can full CCC-85 will vary between 211,640 sq. toes and 1.7 million sq. toes, and also will function 40-foot clear heights, 56-by-50-feet column spacing and 60-foot pace bays.
Positioned on the four-way Interstate 85/Freeway 105 interchange, CCC-85 sits throughout I-85 from Boysen’s manufacturing plant, which provides BMW’s manufacturing facility 31 miles away in Spartanburg, S.C. The park can be 35 miles from Inland Port Greer and a few 50 miles from metro Charlotte, S.C. From CCC-85, tenants can attain greater than 135 million shoppers inside a day’s drive, in line with the developer.
Industrial momentum in Cherokee County
Emptiness in Cherokee County had decreased to six.1 % by the top of the third quarter of 2024, in line with a Colliers industrial report. Colliers additionally famous that in-market tenants are starting to commerce older Class B and C buildings for Class An area.
There was an uptick in distribution and manufacturing customers keen on leasing area within the new constructing, in line with Brian Netzky, Glenstar Logistics managing principal. That got here particularly due to the propertyțs heavy energy profile and water and sewer capability. Netzky additionally mentioned in ready remarks that tenants have begun to make leasing commitments at a sooner tempo than earlier in 2024, and he expects that momentum to proceed in 2025.
Current Glenstar Logistics sale
In October, a three way partnership between Glenstar Logistics and Columnar Investments offered Tri-County 75, an 818,000-square-foot industrial park in Fort Myers, Fla., to an affiliate of Walton Avenue Capital in a deal organized by CBRE.
The builders had secured $97.5 million in financing from Sq. Mile Capital Administration in 2022 for the four-building speculative park campus. On the time of the sale, the park was 95 % leased.
