MAY 27, 2021 – Greenville, SC – McCraney Property Company, a leading private real estate investment firm focused on the acquisition, development, and management of industrial properties in the Southeast region, completed the off-market sale of 85 Logistics Park, a 201,600-square-foot Class A speculative industrial building on 18.57-acres offering the capacity for expansion at 816 Berry Shoals Road in Duncan, S.C.
This acquisition represents the first location within South Carolina for the new owner/occupier, Pall Corporation, a global leader in high-tech filtration, separation, and purification, serving the diverse needs of customers across a wide range of applications.
As a new-to-market business, this transaction will add to South Carolina's uptick in overall absorption. In the first quarter of 2021, absorption totaled 5.5 million square feet, of which the Greenville-Spartanburg industrial submarket (in which 85 Logistics Park is located) accounted for 59 percent at 3,239,066 square feet.
"With vacancy rates dropping across the state, new construction down year-over-year and overall asking rental rates on the rise, the original lease discussions with Pall Corporation transitioned into the buyer acquiring this asset for owner/occupier purposes," said Steven McCraney, President and CEO of McCraney Property Company. "This transaction is in line with the increased interest from national/international manufacturing in the Greenville-Spartanburg industrial submarket, which resulted in more than $400 million in investments and 800-plus new jobs created in the first quarter of 2021."
The Medical Device Manufacturing industry outpaced the growth of the U.S. overall economy over the past five years. Danaher Corporation, the parent company to Pall Corporation since 2015, reported that as of the first quarter of 2021, it achieved a 182.5 percent year-over-year increase in net earnings, with revenues increasing by 58 percent for the same period.
"The addition of Pall Corporation to the Greenville-Spartanburg industrial submarket will result in the addition of 425 new jobs," said Joseph Curley, Leasing and Acquisitions Specialist of McCraney Property Company. "Greenville has a skilled labor force, which can meet the growing demand from the medical manufacturing industry."
CBRE's Trey Pennington and Jeff Benedict represented McCraney Property Company, and CBRE's Frank Larsen represented the buyer in this transaction.
For more than 30 years, McCraney Property Company has been recognized as a responsive customer service-oriented team passionately focused on executing best-in-class industrial product. The firm’s active speculative industrial projects under some form of development in Florida, Georgia, South Carolina, and North Carolina to more than 14 million square feet.
About McCraney Property Company
McCraney Property Company, recently named as one of Commercial Property Executive’s second Fastest Growing Commercial Property Management Companies in the nation and National Real Estate Investor’s Top 50 National Industrial Owners & Developers, is a leading regional real estate investment firm focused on the acquisition, development, and management of industrial properties in the major markets of Florida, Georgia, and the Carolinas. Headquartered in Orlando, Fla., with offices in West Palm Beach, Fla. and Charlotte, N.C., McCraney Property Company has more than 14 million square feet of active speculative industrial projects under some form of development in Florida, Georgia, South Carolina, and North Carolina. Its commitment to its clients and proven execution capabilities has positioned the firm to thrive in today’s recovering industrial market. For more information, please visit http://www.mccraneyproperty.com or to view a video overview of the company, please visit https://vimeo.com/259369871.
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