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PRP to Develop $185M, Pre-Leased Industrial Facility in Greenville-Spartanburg
Washington, DC-based PRP has acquired a 1.9-million-square-foot Class A distribution center development in Greenville-Spartanburg, SC that, once complete, will be fully leased and occupied to an affiliate of Techtronic Industries Co. Ltd.
The total capitalization of the development is $185 million and will be fully completed by the fourth quarter of 2023. The property is a fully funded joint venture with Prairie Village, KS-based Flint Development.
The distribution center will be built to modern Class A property specifications including cross-dock loading configuration, 40-foot clear heights, 338 dock doors, a 185-foot truck court, and 835 spaces of excess trailer parking on 178 acres of land.
“This acquisition meets all of PRP’s most important investment criteria including new construction, a long-term net lease, a high investment grade credit quality tenant and location within a strong US logistics market,” said Joseph Neckles, PRP’s managing director and head of net lease investments.
- ◦Development
