Alliance Partners Acquires the Viking Warehouses in Spartanburg, SC
October 21, 2014
GREENVILLE, SC – CBRE Greenville announced the recent acquisition of the Viking Warehouse Facility (“Viking”), a 350,000 square-foot warehouse/distribution facility in Spartanburg, South Carolina, by Alliance HSP Spartanburg LLC, an affiliate of Alliance Partners HSP LLC (“Alliance”). Alliance is a private real estate investment company headquartered in Philadelphia, Pennsylvania. CBRE’s Campbell Lewis represented Alliance.
Viking comprises of two warehouse buildings located on a 28.7-acre site located at 2071 Fryml Drive in Spartanburg County, SC. The property was formerly home to American Fast Print. In recent years, the property sat mostly vacant and the condition deteriorated.
Alliance plans to invest significant capital to reposition Viking from Class C to Class A- condition. The scope of renovations includes new lighting, roofing, dock doors, ventilation, and paving, as well as adding new access from Fryml Drive. Completion is expected in spring 2015.
“This acquisition is indicative of the continued strength we are seeing around the industrial market in the Greenville-Spartanburg area,” Lewis said. “The Upstate has proven to be a great market for value-add investments.”
“The Viking investment is an extension of Alliance’s value proposition – we leverage our experience and capability to deliver to our customers a combination of quality and price otherwise unobtainable in the marketplace,” explained Brett Hamilton, a principal at Alliance.
This purchase is the latest in a trend of outside investors evaluating the fundamentals of Greenville-Spartanburg industrial market, and recognizing the opportunity to invest in the area as the region grows as a hub of manufacturing, logistics and distribution. The property is in the Spartanburg West submarket, which is effectively the heart of the region’s industrial activity and where the South Carolina Inland Port and BMW operate.
Alliance is not new to the Upstate. In 2011, Alliance acquired 40 Tyger River Drive, a 221,000-square-foot warehouse in Spartanburg, SC, thereafter increasing its occupancy from 47% to 100%.
CBRE will continue its relationship with Alliance as exclusive leasing agent and property manager of Viking. Campbell Lewis and John P. Scott will be responsible for the leasing efforts, while Andrew Diggins and Steve Campbell will oversee the property management.
About Alliance
Alliance is private real estate investment and operating company focused on opportunistic and core plus investments in commercial properties located in the Eastern and Central United States. Alliance is the East Coast operating platform of The Shidler Group, one of the nation’s foremost commercial real estate organizations. Alliance has acquired over 5.8 million square feet of office, flex, warehouse and medical office space since 2010. More information can be found at www.alliancehsp.com.
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 (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
