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LRC Properties Buys 1M-SF Gaffney Industrial Facility in $81M Sale-Leaseback Deal
LRC Properties has acquired Gaffney Distribution Center, a one-million-square-foot industrial warehouse in Gaffney, SC, $80.5 million in a sale-leaseback transaction with three years of term. It is fully leased to a single tenant.
Brian Linnihan, Mike Ryan, Richard Henry and Taylor Crowder of CBRE secured $55.5 million in acquisition financing, which includes future funding, on behalf of LRC Properties, a privately held real estate investment and fund management fund. CBRE secured a four-year floating rate loan with an option to extend through a life insurance company.
“The tenant recently expanded this facility (by nearly 500,000 square feet) to meet its growth needs and is committed to the location,” said Linnihan. “We were able to secure financing by facilitating a relationship between our client and a lender who was able to offer flexible loan terms with additional funding.”
Gaffney Distribution Center was built in 1996 and sits one mile from Interstate 85 at 34 Commerce Drive.
- ◦Sale/Acquisition
