CBRE has arranged the sale of 96.00 acres of industrial land in Spartanburg, SC. The property is located on Pottery Road, at the intersection of Interstates 85 and 26. The property sold to Exeter Pottery Land, LLC.
Exeter Property Group, with nearly $20 billion in assets under management, is among the largest real estate investment managers in the world, focused on acquiring, developing and managing logistics/industrial and office properties across the U.S., Mexico, Europe and Asia. As hands-on operators with more than 30 regional offices, Exeter has developed or acquired several million sq. ft. of Class A industrial facilities in the Upstate in the past several years.
CBRE’s Campbell Lewis represented the seller in the transaction.
“The Upstate industrial market continues to be one of the strongest in the Southeast U.S. Large speculative developments are being absorbed quickly, which is establishing a “new normal” for investor and developer expectations and strategy,” said Campbell Lewis, vice president at CBRE. “An experienced developer like Exeter will take advantage of this property’s excellent location. The consistent absorption and increasing leasing rates in the market show continued demand for speculative developments.”
According to CBRE Research, continued Class A development is meeting the growing demand for industrial space in the market, maintaining single digit vacancy rates since 2011. An unprecedented amount of speculative development is currently under construction and planned. Developers and capital partners expect continued growth for the foreseeable future.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), 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 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 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.