The Colliers team of John Montgomery, Garrett Scott and Brockton Hall represented Pacolet Milliken in the leasing of Ft. Prince Commerce Center, a ±439,360-square-foot Class A industrial space at 200 Fort Prince Road in Spartanburg. The building delivered to the market in 2020 and is the newest addition to Pacolet Milliken’s portfolio of industrial property.
The modern, 36-foot clear, Class A building was built as speculative industrial space by Courtland Development and features more than 1,500 feet of Interstate 85 frontage with high visibility to ±95,000 vehicles per day.
Colliers represented the buyer, Pacolet Milliken, and the seller, Courtland Development, in the sale of a newly delivered ±439,360-square-foot industrial building at 200 Fort Prince Boulevard in Spartanburg, South Carolina.
The modern, 36-foot clear, Class A building was built as speculative industrial space by Courtland Development and completed in early 2020. The facility is situated at a prime location with frontage along the I-85 corridor.
Spartanburg, SC – After three years of master planning and continued investment, Pacolet Milliken Enterprises, with the assistance of Colliers International's Garrett Scott, John Montgomery and Brockton Hall, has sold 213 acres of land in Tyger River Industrial Park – North.
Greenville, SC – Colliers International's Garrett Scott and Brockton Hall represented Red Bullet Development in the lease of a 75,000-square-foot industrial warehouse at Clinton 26 Commerce Park, at 100 Technology Way in Clinton, SC to General Electric International (GE).
E-commerce orders have increased significantly year-over-year for the last several years and exponentially during the last two.
In response to increasing demand throughout South Carolina, an uptick in manufacturing and distribution has become feasible due to ongoing infrastructure improvements, convenient logistics, increased coastal and inland port volume capacity and speed-to-market building deliveries. This unprecedented industrial demand is prompting industrial developers to begin new construction at a rapid pace.
Industrial demand in South Carolina is expected to continue at unprecedented levels throughout 2022. Online ordering increased exponentially over the past year, taxing port-related infrastructure to unparalleled levels.
CMA CGM has also announced plans to temporarily replace Savannah port calls with Charleston port calls due to unloading delays.
Coastal ports volume increased to 205,000 twenty-foot equivalent units during September, up 5% over the previous year. During the fiscal year 2022, the volume is up 18% over 2021 and is expected to continue increasing.
Fortunately, the Charleston harbor deepening project will be completed by the end of next year making it the deepest harbor on the U.S. East Coast and able to operate 24 hours a day. This will allow for large container ships loaded and unloaded more quickly and at a higher frequency.
Significant demand within the Greenville-Spartanburg industrial market is creating a unique opportunity for tenants.
Over the past two years speculative construction increased year-over-year. However, due to record demand and absorption in the Upstate, speculative construction is now being converted to build-to-suit opportunities for tenants.
E-commerce sales are predicted to increase by 13.7% during 2021 with e-commerce growth driving industrial demand. Existing warehousing cannot accommodate a typical fulfillment and e-commerce user which is the majority of the industrial demand.
Charleston has 18.69 million square feet of industrial buildings either under construction or proposed to be built
This quarter record-breaking container movements through the coastal and inland ports caused by e-commerce and manufacturing demand, statewide infrastructure improvements, $832 million in capital investments creating 3,960 new jobs are all driving the South Carolina industrial market demand through the roof.
The overall vacancy rate is down to 6.25%, and there are 9.6 million square feet of industrial construction underway
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