Speculative Development Announced at Apple Valley Industrial Park
Oct 10, 2017 02:01PM
By Emily Stevenson
CBRE announced Panattoni Development Company, Inc.’s 373,320-square-foot speculative project at Apple Valley Industrial Park in Duncan. Panattoni recently purchased the 39 acres in Spartanburg County and will invest more than $22 million in the new development.
The first building consisting of 177,320 square feet in Apple Valley Industrial Park has been pre-leased to an automotive related tenant. CBRE’s Marcus Cornelius, and Broadstreet Partners, LLC’s Ryan Koop represented PDC in the transaction.
Apple Valley Industrial Park is set for Q2 2018 delivery. CBRE and Broadstreet Partners are working with Panattoni to market the remaining 196,000 square feet available for lease. Located midway between Greenville and Spartanburg, the park is in close proximity to Interstate 85 and BMW and offers new, Class A construction and flexibility for either single-tenant or multi-tenant users.
“Apple Valley Industrial Park is being introduced to the market at a crucial time,” comments Cornelius. “The demand for zero downtime continues to be pushed downstream, making the decision regarding location paramount as the evolution of just-in-time manufacturing continues.”
According to CBRE Research, less than 10% of the 3.6 million square feet currently under construction is speculative. As the 35th largest industrial market in the U.S., tenants in the Upstate are continuing to expand and driving the need for new construction and additional space.
Based in Newport Beach, Calif., Panattoni specializes in industrial, office and retail developments throughout the United States and abroad. Panattoni has developed an excess of 266 million square feet of space including more than 88 million square feet of build-to-suit projects since the company’s inception in 1986.
“Panattoni is motivated by the development opportunities the South Carolina upstate currently presents, in particular the Greenville-Spartanburg market. We are excited to work with brokers Ryan Koop and Marcus Cornelius to deliver Class A industrial space for both local users and companies making new investments into the Greenville-Spartanburg market,” said Kevin Casteel, Development Manager with Panattoni.
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 (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.