Wharton Industrial and Red Rock Developments sell 600,000-SF Greenville industrial complex
July 27, 2021
Sale of two-building warehouse development in South Carolina marks successful execution of industrial strategy as the firm looks to reinvest across the East Coast and Florida
Wharton Industrial, a platform company of real estate investment firm Wharton Equity Partners, announced that it has sold its two-building, 600,000-square-foot industrial development in Greenville, South Carolina, known as Smith Farms.
Wharton Industrial and its partner, Red Rock Developments, first acquired the 47-acre parcel of land in 2018, upon which the partnership developed the state-of-the-art warehouse facilities. The development sits in the heart of Greenville’s commercial area on State Route 101 and 296, less than 3 miles to I-85, just 4 miles from the BMW manufacturing plant, and 9 miles from Inland Port Greer — which provides direct access to the Port of Charleston. The development’s neighbors include Michelin, Valeant Pharmaceuticals and Amazon.
Wharton Industrial has a long track record of developing modern warehouse and industrial facilities in proximity to highly populated metropolitan centers, often leasing them to major e-commerce and retail tenants. The Greenville sale follows on the heels of other Wharton Industrial’s successful dispositions in the last 12 months including: a 510,000-square-foot industrial facility in Lakeland, Florida; Florida Crossroads Logistics Center, a 617,046-square-foot industrial project in Ocala, Florida; and 280,000 square-foot last mile warehouse in Philadelphia — which Wharton first leased to Amazon before selling the property for $70 million.
About Wharton Industrial
Wharton Industrial is a leading investor and developer of industrial real estate, with a robust pipeline of properties across the Eastern Seaboard, Florida and the southeast. Steered by the company’s forward-thinking leadership team, Wharton has been extremely active in the industrial sector since 2017, developing last-mile distribution facilities in proximity to major urban markets as well as big box spec development projects in the southeast. Wharton Industrial is a platform company of Wharton Equity Partners, an innovative real estate investment firm with extensive experience acquiring, developing and operating a wide range of real estate asset classes since its inception in 1987. Before shifting to building out its industrial platform, Wharton Equity Partners was an early mover in secondary-market multifamily investment, where it amassed a $500 million portfolio of value-add apartment properties across the South and Midwest, which it ultimately sold for a weighted average IRR well in excess of 20%.
