South Carolina Distribution Center Sells for $98M

Clayco Realty Group sold the fully leased, 1.3 million-square-foot asset shortly after completion.
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Lexington Realty Trust has acquired the first building at Clayco Realty Group’s The Cubes at Inland 85 industrial park in Greer, S.C., for $98.4 million, according to Yardi Matrix. The sale of the 1.3 million-square-foot Class A distribution center comes shortly after the building was delivered.

Clayco broke ground on the industrial development in May 2018, Yardi Matrix shows, with BMO Harris Bank providing $61 million in construction financing. Lamar Johnson Collaborative acted as the architect for the project.

Located at 223 Genoble Road, the built-to-suit cross-dock property has clear heights of up to 36 feet, with 54-foot column spacing. The building has 215 dock-high and four grade-level drive-in doors, along with more than 700 trailer parking spaces.

The property is within 20 miles of downtown Greenville and Spartanburg. Yardi Matrix shows more than 11 million square feet of industrial properties within 2 miles—drawn in by the nearby Inland Port Greer—in addition to another 2.2 million square feet in various stages of development.

The area around Greenville-Spartanburg International Airport, less than 5 miles southwest of The Cubes, has also garnered developer focus in recent years. Construction on McDonald Development’s Carolina Commerce Center, a two-building, 458,754-square-foot project near the airport, is expected to wrap up in March, also according to Yardi Matrix.