Greenville, SC – March 23, 2020 – CBRE has arranged the sale of 51,000 sq.-ft. warehouse and industrial property in Spartanburg, SC. The property is located at 175-195 Abbott Lane and sits facing I-85 north. Sunoco Products Company sold the property to Diego Meseguer.
CBRE’s Trey Pennington, Nick Hollstegge and Jeff Benedict partnered with Avison Young to represent the seller in the transaction. Lee & Associates represented the buyer.
“The new owner will take advantage of the industrial property’s excellent location to a major thoroughfare. This sale is a great example of how the Greenville-Spartanburg market is attracting increased attention from a wide array of capital investors, which is expected to continue into 2020 and beyond,” said Trey Pennington, senior vice president at CBRE.
The property is located on 12.12 acres and is located .4 miles off of I-85 with excellent interstate access. The 51,000 sq.-ft. facility also includes five dock doors with four levelers, one drive-in door, and heavy power of 3,000 amps.
According to CBRE Research, the investment market in Greenville-Spartanburg has grown very competitive, with sales volumes spiking in 2018 and into 2019, compressing cap rates to sub six percent levels. The pipeline of new product delivering to the market should attract additional capital interest well into 2020.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
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