CBRE facilitates sale of historic textile mill in Poinsett District
February 22, 2016
CBRE has finalized the sale of the American Spinning Mill in Greenville, South Carolina. The property sold on Jan. 29, 2016, to Virginia-based ASGA, LP. The American Investor Immigration Funds company intends to transform the historic textile mill into loft apartments.
The property is located within the Poinsett District at 300 Hammett Street, two miles from the heart of Downtown Greenville. The planned development will cost an estimated $49.8 million and have 230 apartment units totaling 240,000 square feet.
CBRE’s Nick Hollstegge led the sale on behalf of the seller White Horse Properties of Greenville.
“Timing for American Spinning’s redevelopment is ideal,” said Hollstegge. “The site’s historic character and proximity to both downtown and Cherrydale will be a major selling point to new residents. As the city continues to grow, I think we will see more of these former industrial pockets with good access to downtown repositioned.”
Over the past 20 years, Greenville’s downtown has experienced a renaissance. Main Street and surrounding in-fill neighborhoods have seen a significant influx of new residents.
“Greenville continues to see tremendous population growth and near unprecedented multifamily performance measures. As a result, rents have climbed consistently leaving prospective tenants with a very limited number of options at a premium price,” said CBRE Research Manager Brian Reed.
“We are very excited about the opportunity to bring a unique product to a great market,” said Paul Ruby with ASGA, LP. “It’s important for us to contribute to Greenville’s on-going success by maintaining the historic significance and integrity of the site and the community.”
ASGA, LP has already raised the full $7.5 million in EB-5 investment planned for the project and projects the development to create 211 jobs in Greenville County.
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 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 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.
