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RealOp Investments, a Greenville, South Carolina-based commercial real estate investment firm, and a commingled fund managed by global real estate investment company Kennedy Wilson (NYSE: KW), announced the joint acquisition of Inland Woods Logistics Center, a 430,700-square-foot Class A industrial facility located in the Greenville-Spartanburg corridor of Upstate South Carolina, for $33.1 million.
The acquisition marks Kennedy Wilson’s first commercial equity investment in the Southeastern United States, signaling the firm’s expansion into the region, while furthering RealOp’s strategic growth in the industrial sector.
Strategically situated at 1127 Woods Chapel Road, Inland Woods offers connectivity along the primary distribution corridor between Charlotte and Atlanta.
The cross-dock facility is less than two miles from the expanding Inland Port Greer and under three miles from BMW’s manufacturing plant, positioning it to serve “just-in-time, just-in-sequence” supplier demand.
Located on over 39 acres and directly across from a new substation enabling need-based power increases, officials said the property is well-suited to meet the needs of advanced manufacturing and distribution tenants.
Delivered in warm shell condition, the facility features ESFR sprinklers, dock equipment, LED lighting, and substantial infrastructure — allowing, officials said, the ownership team to quickly reintroduce the first-generation space to the market as either a single- or multi-tenant offering.
As part of the value-add strategy, construction will begin immediately on a best-in-class speculative office suite to meet evolving tenant requirements and accelerate lease-up.
“We are excited to partner with RealOp Investments on this significant acquisition and to expand Kennedy Wilson’s investment management platform into the Southeast,” said Evan Kantor, head of Kennedy Wilson’s Commercial Investment Group.
Kantor added, “The region is primed to benefit from strong manufacturing investment, growing port activity, and sustained population growth, and we believe Inland Woods is well-positioned to serve as a hub for businesses in this dynamic market.”
“We continue to have strong conviction in the long-term fundamentals of the Upstate market,” said Reggie Bell, CEO of RealOp Investments. “With limited new industrial construction underway, we expect the market to absorb current supply and return to a balanced environment. Inland Woods is ideally located to capture this demand, and our partnership with Kennedy Wilson strengthens our ability to execute on the value-add business plan.”
CBRE’s Trey Pennington, Jeff Benedict, and Tripp Speaks have been engaged to lead leasing efforts. Esmael Hill with The Net Lease Group represented the seller in the transaction.
RealOp is a vertically integrated real estate private equity investment firm specializing in value-add opportunities across commercial, residential, and alternative asset classes throughout the United States.
Kennedy Wilson (NYSE: KW) is a leading real estate investment company with $30 billion of assets under management in high growth markets across the United States, the UK, and Ireland.
The company has closed more than $60 billion in total transactions across the property spectrum since going public in 2009.
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