Post on 03-Oct-2020
DILLON SWAYNGIMBrokerage AssociateDir +1 864 527 5456
dillon.swayngim@colliers.com
D. RALPH SETTLE, IIBrokerage AssociateDir +1 864 527 5452 ralph.settle@colliers.com
Spartanburg, SC 2930373,649 - 110,284 SF Available
$3.50 Asking Rate
PSF NNN
SUBLEASE RATE= $3.50 NNN PSF TICAM = $1.37/SF
Expiration: 36,635 SF = 12/31/20 73,649 SF = 3/31/23
• Subdivisible to 73,649 SF• 100% ESFR Sprinkled• T-5 LED Lighting• Circular truck access• 25’ to 28’ Clear heights• 50’ x 30’ Column spacing• 7 (9’x10’) Dock doors
• 1 (9’x10’) Drive-in door• 150-ft Deep truck court• 480V / 3-Phase / 800amp power• Ample auto parking• Additional trailer storage available• High-capacity sewer line• 2 New ADA-compliant restrooms
Available SpaceUp to 110,284 SF Sublease
CURRENTLY OCCUPIED
FOR SUBLEASE // 2071 Fryml Drive // Spartanburg, SC 29303
±110,284 SF TOTAL AVAILABLE
±73,649 SF 36,635 SF
EXECUTIVE SUMMARY
• HAMILTON INDUSTRIAL PARKHAMILTONI N D U S T R I A L PA R K
Investment IntroductionJLL has been exclusively retained to market for sale the fee-simple interest in the Hamilton Industrial Park (the “Property”), which consists of two buildings totaling 319,660 square feet located in Greenville-Spartanburg, South Carolina. This Offering represents the opportunity to acquire two strategically located assets at below replacement cost. The strong inplace income stream and high-quality, credit tenancy offer investors the opportunity to enter the Greenville-Spartanburg market or to expand their current footprints with limited risk.
The OfferingThe Property is 89% leased to three quality tenants, with a weighted average remaining lease term of 5.46 years from April 1, 2019, providing income stability and value creation through the lease up of the vacant space.
The assets underwent extensive renovation in 2015/2016, including full roof replacements (with 15-year warranties), new dock doors, new T-5 lighting, adding ESFR sprinklers, and replacing the truck court. With rising construction/renovation costs, this Property is being offered at below replacement cost.
Greenville-SpartanburgGreenville-Spartanburg is a fast growing distribution market with 176 million square feet of inventory, a 5% vacancy rate and a positive net absorption of 15 million square feet from Q1 2016 - Q3 2018.
Due in part to the 2015 opening of the Greer Inland Port, located just 25 miles South, Greenville-Spartanburg is shifting away from being a manufacturing-centric market to an ideal distribution market. The Greer Inland Port extended the Port of Charleston’s reach by more than 200 miles into the state’s interior via overnight rail operated by Norfolk Southern.
The Greenville-Spartanburg industrial market is highly-coveted due to its central location, diverse local economy, and strategic access to the I-85 interstate corridor. The region continues to benefit from increasing tenant demand from a variety of users seeking space for growth and expansion in the market. Global brands with a strong presence in the market include Michelin North America, Adidas, Amazon, and BMW, which maintains its highest production plant worldwide in the Greenville-Spartanburg market.
Number of Buildings 2
Square Feet 319,660
Number of Tenants 3
Occupancy 89%
Year 1 NOI1 $1,091,161
Remaining Lease Term (WALT)1 5.46 years
TRANSACTION SUMMARY
1From 4/1/19
Available SpaceUp to 110,284 SF Sublease
Hamilton Industrial Park
Situated along the busy I-85 Business corridor with excellent visibility and access to the interstate. The available space at Hamilton Industrial Park consists of 110,284 SF of industrial warehouse/distribution space which can be subdivided to a minimum of 76,649 SF. Ideal for warehousing and distribution users with easy access to major supply chain corridor and infrastructure. Existing tenants within the park include Dare Foods and Quad Packaging.
FOR SUBLEASE // 2071 Fryml Drive // Spartanburg, SC 29303
±110,284 SFFor Sublease
Trailer StorageExpansion Area
Property LocationGreenville-Spartanburg, SC
• Close proximity to large industrial network including advanced manufacturing, aero-space, automotive and distri-bution & logistics
• Spartanburg County growth rate is 3.2% with South Carolina ranked 6th highest population growth rate in the U.S.
• Approximately 70 miles to Charlotte, NC and 170 miles to Atlanta, GA
• Property is located less than 20 miles from the Inland Port in Greer and GSP International Airport
FOR SUBLEASE // 2071 Fryml Drive // Spartanburg, SC 29303
Charlotte
Greenville-Spartanburg is a growing industrial hub in the Southeast between Charlotte, NC and Atlanta, GA. The upstate region of South
Carolina is ideally situated near one of the busiest inland ports in the nation and is less than a 3-hour drive to the Port of Charleston. More
than 95 million consumers are reachable within a one-day drive.
Inland Port Greer
Port ofCharleston
Aerial Map400 Brookfield Parkway
1
2
3
4
5
GSP International Airport
FedEx Air Freight
Inland Port Greer
Lowe’s Distribution
BMW Plant Spartanburg
FedEx Freight
1
2
3
4
5
6
6
78
910
11
Amazon Distribution
Walmart Distribution
Adidas Distribution
FedEx Ground
UPS Customer Center
Milliken & Company
7
8
9
10
11
12
12
1314
Rieter Corporation
Automatiks Inc.
ABM Facility Services
Omnicare
Par Race Engines
Magna
13
14
15
16
17
18
19 202122
Symtech
Dare Foods
Quad Packaging
Auria
Radici USA
19
20
21
22
23
23
US Hwy 29
Infrastructure/Logistics Industrial User
Property Location Greenville-Spartanburg, SC
FOR SUBLEASE // 2071 Fryml Drive // Spartanburg, SC 29303
BELOW REPLACEMENT COST • 89% OCCUPIED • STRONG TENANT MIX/CREDIT PROFILES • IMMEDIATE I-85 ACCESS
HAMILTONI N D U S T R I A L PA R K
85
G R E E N V I L L E - S P A R T A N B U R G , S O U T H C A R O L I N A
319,660 SF • CLASS A INSTITUTIONAL QUALITY ASSETS • PROJECT FULLY REDEVELOPED INCLUDING ROOFS • ESFR
TRAILER
PARKING
Hamilton Industrial Park2071 Fryml Drive
Spartanburg, SC
15 16
17 18
DILLON SWAYNGIMBrokerage AssociateDir +1 864 527 5456 dillon.swayngim@colliers.com
D. RALPH SETTLE, IIBrokerage AssociateDir +1 864 527 5452ralph.settle@colliers.com
This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). ©2020. All rights reserved.
BELOW REPLACEMENT COST • 89% OCCUPIED • STRONG TENANT MIX/CREDIT PROFILES • IMMEDIATE I-85 ACCESS
HAMILTONI N D U S T R I A L PA R K
85
G R E E N V I L L E - S P A R T A N B U R G , S O U T H C A R O L I N A
319,660 SF • CLASS A INSTITUTIONAL QUALITY ASSETS • PROJECT FULLY REDEVELOPED INCLUDING ROOFS • ESFR
TRAILER
PARKING