CBRE Secures Financing For Industrial Park
Feb 12, 2018 08:44AM
By Emily Stevenson
CBRE Capital Market’s Debt & Structured Finance team has arranged acquisition financing on behalf of SunCap Property Group for Forrester Park, a 236,556-square-foot industrial property in Greenville. Situated on 17.5 acres at 201 Forrester Drive, the park includes three buildings with 24-foot ceiling heights.
CBRE’s Charlotte-based Steve Heffner, Nate Sittema, and Kristen Reilley secured a $10.238 million Life Company loan for the buyer. The 15-year fixed rate loan carried an interest rate of 3.79 percent.
“We were able to structure a long-term fixed rate loan with flexible prepayment that complemented the buyer’s long-term hold strategy, but provided significant backend flexibility,” said Mr. Heffner, vice chairman, CBRE Capital Markets.
The property is situated in the I-385 South submarket, a highly sought-after area for industrial users looking for convenient access to I-85 and I-26. The I-385 South submarket finished 2017 with a vacancy rate of only 6 percent. Forrester Park is 100 percent occupied and tenants include Woodward FST, Gexpro, and Safelite, Trust Technologies, and Aerodyne Alloys.