SunCap breaks ground on largest spec industrial facility in the Greenville market to date, 1-million-square-foot expandable Enterprise 85
July 25, 2022
Greenville-Spartanburg, SC – After years of planning for utility provision, zoning and the assemblage of land parcels needed to make the park a reality, Greenville Enterprise Park is up-and-running in South Greenville with its first industrial spec development project, SunCap’s Enterprise 85. Colliers’ Garrett Scott, John Montgomery, Brockton Hall and Dillon Swayngim have been selected to handle leasing for the project.
In partnership with the Real Estate business within Goldman Sachs Asset Management, SunCap Property Group purchased the 140-acre site just south of I-185 and downtown Greenville at 7755 Augusta Road (US Highway 25) and has broken ground on a ±1,006,880-square-foot Phase 1 building. The park is designed for flexibility, offering tenants the option to expand the initial Phase 1 building up to 1.5 million square feet under one roof or to divide the site into two stand-alone buildings, ±1-million-square-foot Phase 1 and ±567,000-square-foot Phase 2. Each configuration can be adjusted to suit specific user requirements.
This will be SunCap’s eighth development project in the Upstate and the largest speculative building constructed in Greenville County to date. The facility’s specifications are designed to meet the needs of modern industrial users including 40-foot clear heights and cross-dock orientation as well as ample on-site employee and trailer parking.
Enterprise 85 offers future tenants excellent access to the region’s main interstate corridor, I-85, which connects Greenville to Atlanta, GA and Charlotte, NC as well as I-26 connecting the Upstate to the deepest port on the eastern coast, the Port of Charleston.
Infrastructure and population growth in the Upstate have driven industrial demand in recent years, making the region the sixth fastest-growing industrial market in the country based on percentage of inventory under construction according to CoStar.
The Colliers team has worked diligently with County officials, utility providers and landowners in recent years to make development of the ±753-acre Greenville Enterprise Park possible and open up a new corridor for development in Greenville County.
“With tenant demand expanding both in number and size, the construction of new Class A industrial space that can accommodate one million square feet and above continues to be in high demand in the Upstate market,” says Colliers Managing Director Garrett Scott. “SunCap has their finger on the pulse in the GSP market and has identified Greenville Enterprise Park as an excellent opportunity and location to meet growing big-box demands. They will be ready when tenants need to occupy quickly in market.”
“This location is ideal for industrial development and will bring new jobs and opportunities for Greenville residents within the growing suburban areas nearby,” says Greenville Area Development Corporation President and CEO Mark Farris. “Labor is readily available for facility operations at this location, drawing from underemployed areas like Abbeville and Greenwood and supported by the skilled workforce coming out of institutions like Greenville Tech and nearby Clemson University. Major residential development is also rising to meet demand for workforce housing, with thousands of new homes currently planned or under construction to support the growing population. The addition of Class A industrial space in the Greenville market is a key component in attracting and ultimately winning new economic development projects and we are grateful for SunCap’s investment.”
Vermeer was the first industrial user to secure a location at Greenville Enterprise Park with the purchase of 44 acres of land for a build-to-suit facility in 2019. The industrial and agricultural machinery manufacturer has subsequently purchased the adjacent 25-acre lot to accommodate future expansion at this location.
Greenville Enterprise Park was zoned as a “Business and Technology” park in 2018, a unique designation designed to bring clean, modern and advanced industries such as office, laboratories, data centers, warehousing and clean manufacturing investments to Greenville County.
The Upstate’s industrial market has continued to expand despite economic volatility, with a steady demand for new manufacturing, distribution and warehousing facilities throughout the region. SunCap’s investment at Greenville Enterprise Park will position the Upstate and Greenville County to better compete for larger, more economically beneficial projects and opportunities.
About Colliers
Colliers | South Carolina has over 140 staff members, including 62 licensed real estate professionals, covering the entire state with locations in Charleston, Columbia, Greenville and Spartanburg. Total 2021 brokerage volume exceeded $1 billion, which included over 590 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 17 million square feet of office, industrial, retail and healthcare properties. Colliers’ staff hold 54 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 and set a new record by managing a portfolio of projects approaching $1 billion in volume during 2021.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 62 countries, our more than 17,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. With annualized revenues of $4.3 billion and $65 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.
