Real Estate Capital Partners JV Sells 2 MSF Adidas Distribution Center in Spartanburg, SC
- Apr 01, 2014
Real Estate Capital Partners and IVG Institutional Funds have sold their 1.9 million-square-foot Adidas U.S. distribution center in Spartanburg, S.C.
Cushman & Wakefield’s Atlanta-based Capital Markets team represented the seller. The team included executive directors Stewart Calhoun and David Meline, directors Samir Idris and Casey Masters who worked closely throughout the disposition process with senior vice presidents Chris Novell and Brian Young of the Carolinas Cushman & Wakefield/Thalhimer Capital Markets Group.
Neither the buyer nor the sale price were disclosed.
The largest Adidas Distribution Center in the world, the modern bulk campus was built in 2008-09 as a build-to-suit for the Germany-based sports apparel giant, which serves as the only distribution facility for Adidas in the country and is a mission-critical component of the company’s logistics network, according to the release. The center sits on 258 acres off Cedar Crest Road in Spartanburg County. The former owners bought it for $150 million.
The land includes three large distribution buildings, which include two bulk distribution warehouses and a customer service facility.
This is Adidas’ largest distribution center and serves North America. Eighty percent of all products can be delivered in three days or less in the U.S. The distribution centers hold more than 700,000 products, including Reebok items, a brand acquired by Adidas in 2006, according to GSA Business.