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Greenville Business Magazine

RealOp Investments Sells Three Spartanburg County Assets

Jul 26, 2019 11:14AM
Photo: RealOp sold a shopping center at 2746 Boiling Springs Road for $2.57 million.

RealOp Investments recently sold three of its commercial real estate assets located in Spartanburg County.

Lee’s & Associates Commercial Real Estate represented Sikes Properties in purchasing 100 Fortis Drive in Duncan for $1.65 million. This was a single-tenant industrial building leased to BMW. RealOp Investments acquired the property in September 2017 and completed numerous property upgrades as well as extending the previous lease.

RealOp Investments sold the 101 Fortis Drive site to G.V.C. Realty, which was represented by NAI Earle Furman, for $2.05 million. RealOp originally acquired the property in September 2017. Since then, the firm restriped and resealed the parking lot, revamped the lighting, upgraded the landscaping, installed new dock levelers, and made interior renovations. Tenants include Carolina Metal Supply, Conn Appliances, and Prudential Overall Supply.

G.V.C. also purchased a shopping center at 2746 Boiling Springs Road that includes American Family Care (AFC), Cora Physical Therapy, and Little Caesars as tenants for $2.57 million. RealOp bought the vacant land in November 2016 and developed the 7,093 square-foot retail center from the ground up and leased the entire project before the end of construction.

“All three of these assets were unique ventures for RealOp and really show the depth of our team’s understanding of the market. We are very excited that we completed our investment thesis as planned and were able to achieve above-market risk-adjusted returns for our investors,” said Kyle Putnam, RealOp’s president.