CRG, Gramercy Deliver SC Pharmaceutical Warehouse
- Dec 21, 2017
Bausch+Lomb has moved into its new 432,000-square-foot build-to-suit, Class A warehouse in Greenville, S.C., about eight months after construction began on the project developed by CRG and Gramercy Property Trust.
This is the first phase of the development for the Valeant Pharmaceuticals Inc.-owned company that focuses on manufacturing eye care products. The second phase will allow Bausch+Lomb to expand operations by an additional 432,000 square feet.
“This development is important to Bausch+Lomb’s already established operations in the area and represents significant growth in the region,” CRG President Chris McKee said in a prepared statement.
Bausch+Lomb already has a manufacturing facility four miles from the new site, which is also close to Interstate-85 and Interstate-385. The eye care product manufacturer isn’t the only company operating in the region. Michelin North America is currently expanding operations at its Greenville location and BMW US Manufacturing has a plant located in nearby Greer, S.C.
CRG, in partnership with Gramercy Property Trust, began construction of the Bausch+Lomb warehouse in March. The Class A facility includes a 38-foot clear-height, temperature-controlled warehouse, ESFR sprinkler system, 42 loading docks, one drive-in door, an expansion pad adjacent to the building, 101 trailer spaces and 94 auto spaces.
Clayco Inc., a full-service real estate development, architecture and engineering firm, served as the design builder on the project and its subsidiary, Forum Studio, was the architect.
Focus on industrial assets
CRG, Clayco’s private real estate investment group, has other projects in the Southeast, including a 1 million-square-foot industrial building in a 311-acre business park development in the Atlanta suburb of Locust Grove, Ga., that is expected to be completed in early 2018. Larry Chapman, CRG Partner, told Commercial Property Executive in May that the company had been focusing on the industrial portion of its company for nearly two years. That had resulted in speculative developments, as well as build-to-suit projects like the Bausch+Lomb facility in South Carolina. Headquartered in St. Louis, the CRG team has delivered more than 160 million square feet of commercial, industrial and multifamily assets exceeding $9 billion in value.
Gramercy Property Trust, a New York-based global investor and commercial real estate asset manager, has also been repositioning its portfolio to include more industrial assets in recent years. In August, the REIT launched a joint venture to acquire, own and manage newly constructed e-commerce distribution facilities and entered into an agreement to acquire a 41-property, 7.8 million-square-foot warehouse portfolio for $479 million.
Images courtesy of CRG