CBRE Sells Industrial Property In Greenville
Dec 19, 2017 12:34PM
By Emily Stevenson
CBRE arranged the sale of 110 Milacron Drive, a 182,534-square-foot industrial facility on 63.19 acres in Fountain Inn. The property was acquired by 844 S.E. Main, LLC, for $5.4 million with plans to improve the facility’s exterior and interior features as well as parking and truck court surfaces. It is now available for lease and sale.
CBRE’s Campbell Lewis represented the buyer in this transaction. The seller was represented by CBRE’s Marcus Cornelius and Nick Hollstegge.
“110 Milacron Drive was an attractive investment as it is strategically located less than a mile off I-385. The building features and design offer a lot of flexibility as it can appeal to both manufacturing and distribution users alike. There are only a few competing properties available in the I-385 submarket with vacancy rates at a record low of 4.5 percent as of Q3 2017,” said Lewis, senior associate CBRE. “There has been a significant amount of interest from investors in rapidly growing secondary industrial markets like Greenville/Spartanburg. These investors are targeting higher yields than primary markets that still provide minimal risk.”
The property offers tenants flexibility with expansion capability on the 63.19 acre site. Built in 1980, it features 28-foot clear height, motion-activated T-8 lighting in the warehouse, eight dock-high doors, 130 parking spaces, and 26,941square feet of high-end office space.