CBRE brokers sale of Suburban Greenville Portfolio
August 9, 2017
CBRE, Inc. announced the sale of the Suburban Greenville Portfolio, a six-building office and land portfolio purchased by RealOp Investments for $13.8 million. The seller, Sun Life Assurance of Canada, was represented by CBRE’s Patrick Gildea, Matt Smith, Tripp Sellers and Brett Floyd.
“Greenville-Spartanburg is quickly being recognized as one of the strongest growth markets in the Southeast given continued positive job growth and population growth. This city has a bright future, and institutional quality investors have begun to target this region for investment,” said Patrick Gildea, Executive Vice President with the CBRE Capital Markets| Institutional Properties business.
Highly visible along I-385, one of the most heavily traveled roadways in Greenville, the buildings and land have a diverse mixture of tenants, including Cintas, ECPI University, Mustang Process & Industrial and Ogletree Deakins. Portfolio occupancy is at 50%. The nearly 11 acres of land in the portfolio is shovel-ready for additional developments.
“This market is where investors come for returns they can’t find in other cities. Greenville has one of the healthiest office markets in the southeast with only 8.5% vacancy in the suburban Class A space. Our team has transacted over 1.6 million square feet in Greenville office investment sales in the past nine months. This level of investment activity is unprecedented and proof the Greenville market is hot right now,” said Tripp Sellers, Vice President with the CBRE Capital Markets |Institutional Properties business.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
