JV Plans 226 KSF South Carolina Shallow-Bay Project

4130 Partners, in partnership with Peerless Development, has closed on the acquisition of 28 acres in the Alliance Industrial Park in Williamston, S.C., for the development of a two-building, 226,000-square-foot shallow-bay industrial project.

The developers said in prepared remarks that the project, located in the Greenville–Spartanburg metro area, will target shallow-bay users in a market where available small to mid-size industrial inventory remains constrained relative to demand.

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The site provides direct access to Interstate 85 and proximity to the broader Upstate South Carolina manufacturing base, including automotive, advanced manufacturing and logistics users that continue to expand throughout the region.

The transaction is 4130 Partners’ inaugural investment. Peerless Development, an industrial developer with a growing footprint across the Southeast, will co-sponsor and oversee development alongside 4130 Partners.

Greenville–Spartanburg’s supply adjustment

Consistent with the goals of this new project, the Greenville–Spartanburg industrial space market appears to have some mismatches, according to a first-quarter report from Colliers.

New speculative construction is focused on the 100,000- to 250,000-square-foot rear-load segment and on single-tenant buildings of 25,000-50,000 square feet, Colliers reported. Demand is concentrated in the bulk segment, though the region is suffering from a supply shortage for that product.

Rent growth has been spotty, as vacancy is expected to continue to decline. Year-over-year net absorption was 1.3 million square feet, with 3.4 million square feet under construction and a total inventory of nearly 254 million square feet.

Colliers also noted that vacancy has been concentrating in older spaces, creating the possibility of properties with functional deficiencies but good locations to be demolished or converted.

Two recent portfolio acquisitions by EQT Real Estate have included assets in the Greenville–Spartanburg region. In October, two EQT funds acquired an 11-building, 4.8-million-square-foot portfolio, part of which was a 474,867-square-foot building at Tyger River Industrial Park North in Moore, S.C.

In January, EQT Real Estate acquired a 13-building, 1.6 million-square-foot-plus portfolio that also included properties in metro Greenville–Spartanburg.

And last November, Glenstar Logistics leased 1.3 million square feet at its Cherokee Commerce Center 85, a 290-acre industrial park in Gaffney, S.C., to First Solar. The tenant will use the facility for its new $330 million, 3.7-gigawatt manufacturing plant, which was expected to begin operations in the second half of this year.