Pacolet Milliken Closes on the Sale of $125 Million Southeast Retail Portfolio
August 3, 2015
SPARTANBURG, SC – Pacolet Milliken Enterprises, Inc. announces the sale of a portion of its Southeast Retail Portfolio, consisting of five Harris Teeters and three Publix retail centers, for $125 million to Echo Realty. The transaction, which was brokered by Berkeley Capital Advisors, is a part of an overall portfolio repositioning for Pacolet Milliken that includes the sale of approximately $280 million in real estate assets in the past ninety days, including other transactions in Orlando, Manhattan, Atlanta and South Carolina.
“2015 has been an important transition year for the real estate division at Pacolet Milliken. In addition to continuing to build our team, we have been repositioning our real estate holdings to further focus on best-in-class assets in top U.S. markets,” said Clay Adams, Executive Vice President and head of real estate for Pacolet Milliken. “While we were already in a strong position, these sales further solidify our ability to invest in 100%-owned and joint venture real estate opportunities across a wide spectrum of product types and geography.”
Pacolet Milliken’s real estate division has significant investments in commercial assets and land holdings located in major U.S. markets and across the Southeast. Based upon market conditions and opportunities, Pacolet Milliken invests in class A stabilized assets, renovation/turnaround opportunities and in ground-up development.
“Pacolet Milliken will continue to build its property portfolio, one that is significant in scale and one that positions us for compelling investment opportunities in our future,” said Richard Webel, president of Pacolet Milliken. “We anticipate substantial growth in both of our Real Estate and Energy & Infrastructure Divisions, over the next five years.”
About Pacolet Milliken Enterprises, Inc.
Pacolet Milliken Enterprises, Inc. is a private, family-owned investment company founded in 2007 by the shareholders of Milliken & Company with a forward-looking mission to secure and grow high-quality assets with enduring value in the energy and real estate markets. For more information, please visit www.pacoletmilliken.com.
