Greenwich Secures $53M for SC Office Parks
- Nov 29, 2016
Greenville, S.C.—The Greenwich Group International, a New York-based real estate capital advisory firm, recently announced that it has secured $52.9 million in financing for the purchase and restoration of Park Central and Park East, two Greenville properties totaling approximately 570,000 square feet. Greenwich was the exclusive advisor on behalf of the buyer, TWO Capital Partners, in securing a $39 million senior loan, as well as $13.9 million in joint venture equity financing. The properties were acquired in an off-market sale.
Located at 150 Executive Center Drive, Park East is a nine-building asset constructed between 1981 and 1990. According to Yardi Matrix data, the two- and three-story properties have a total of 1,876 parking spaces. Park Central is a three-building asset located at 535 and 555 North Pleasantburg Drive. Built in 1984, the garden-style properties have 612 parking spaces. Both parks are currently 70 percent occupied.
The two commercial offices are strategically located in the I-385 corridor of Greenville, one near the Downtown Airport and the other at the junction of I-385 and I-85. Due to the presence and expansion of industry leaders such as BMW, Michelin, GE, Flour and Milliken, the market has seen strong office growth.
“The Greenville market has had good growth over the last few years and the state’s pro-business attitude will ensure that new tenants will enter the market and existing tenants will expand there. The portfolio under the client’s leadership is well positioned to reach leasing stabilization in short order,” said Don Atchison, director of the Washington, D.C., Greenwich office, in prepared remarks.
Images courtesy of Yardi Matrix