The Colliers team of Garrett Scott, John Montgomery and Brockton Hall represented the buyer, Pacolet Milliken, and the seller, Courtland Development, in the sale of a newly delivered ±439,360-square-foot industrial building at 200 Fort Prince Boulevard in Spartanburg, South Carolina.
The modern, 36-foot clear, Class A building was built as speculative industrial space by Courtland Development and completed in early 2020. The facility is situated at a prime location with frontage along the I-85 corridor in Spartanburg, with interstate visibility to ±95,000 vehicles per day. Ft. Prince Commerce Center is approximately 10 miles from BMW Plant Spartanburg, GSP International Airport and the Inland Port in Greer, meeting both regional distribution and local manufacturing supplier requirements. The building is poised to deliver on speed-to-market demands with the addition of several dock doors as well as a ±2,500-square-foot office complete with conference and restroom facilities.
Pacolet Milliken is a family-owned investment company based in the Upstate of South Carolina with deep roots in the region. The company currently owns more than 3,000 acres of industrial land throughout South Carolina and has been instrumental in bringing several beneficial economic development projects to Spartanburg County including Keurig Dr. Pepper, Magna Seating, Toray, Sterling Packaging, Ritrama and Kobelco at Tyger River Industrial Park on Highway 290 in Moore.
Ft. Prince Commerce Center is Pacolet’s first speculative industrial building purchase in Spartanburg County, demonstrating the firm’s belief in and commitment to the Spartanburg market. The project complements Pacolet’s existing portfolio of industrial, multifamily, land, retail and office holdings throughout the United States.
“We are always looking to further our mission of acquiring and developing best-in-class industrial facilities throughout South Carolina and Ft. Prince Commerce Center is a welcome addition to our existing portfolio of assets,” said Clay Adams, President of Real Estate at Pacolet Milliken. “The facility is perfectly suited for a wide range of industrial users with cross-dock orientation, ample trailer loading docks and parking in a location that’s hard to beat right on the I-85 corridor. We look forward to leasing this modern, well-designed building to a tenant who will bring value to the surrounding community.”
Colliers | South Carolina has over 150 staff members, including 62 licensed real estate professionals, covering the entire state with locations in Charleston, Columbia, Greenville and Spartanburg. Total 2020 brokerage volume exceeded $533 million, which included over 456 sales and leasing transactions. In addition to traditional commercial real estate representation services for our clients, the company is actively engaged in Corporate Solutions and Healthcare Services. Colliers is an Accredited Management Organization (AMO) through the Institute of Real Estate Management (IREM) and is the largest manager of commercial real estate properties in South Carolina, with a portfolio of over 16 million square feet of office, industrial, retail and healthcare properties. Colliers | South Carolina’s staff hold 49 professional designations, the most of any firm in South Carolina. Colliers | South Carolina’s partner, LCK, provides project management services for new facilities and renovations across South Carolina.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.