Lightstone Acquires South Carolina Industrial Asset

Tectonic and Angelo Gordon sold the newly completed facility.

Woodfield Commerce Center

Woodfield Commerce Center came online earlier this year in Fountain Inn, S.C. Image courtesy of Lightstone Group

Lightstone Group has acquired Woodfield Commerce Center, a 320,000-square-foot industrial facility in Fountain Inn, S.C. The joint venture of Tectonic and Angelo Gordon sold the Class A asset for $32 million, public records show. The Lightstone Logistics Southeast team, out of Charlotte, N.C., arranged the deal on behalf of the buyer.

Lightstone also financed the purchase with a $27.5 million bridge loan originated by Seven Hills Realty Trust. The note has a two-year initial term with a one-year extension option.

Newly developed in the Greenville-Spartanburg market

Woodfield Commerce Center came online in the first quarter of this year at 200 International Blvd. The facility features 36-foot clear heights, 30 dock doors, 2 drive-in doors, LED lighting, an ESFR sprinkler system and 50-foot by 54-foot column spacing, as well as 190 car parking spaces and 76 trailer parking positions. Avison Young will provide property management services.

Situated in the Greenville-Spartanburg market, Woodfield Commerce Center is close to Interstate 385 in the I-85 Auto Corridor. The location provides easy highway access across the state and to the Port of Charleston.

READ ALSO: These Asset Classes Stood Out in DLA Piper’s Mid-Year Outlook

Nearby automotive companies in the area include Michelin North America, Draexlmaier Group, Automotive of America, Magna Seating of America and BMW. A $1 billion expansion of the BMW Spartanburg manufacturing plant, located some 25 miles from Woodfield Commerce Center, was announced in 2022.

Also in the Spartanburg market, Frampton Construction Co. and Greystar Real Estate Partners are developing a 2 million-square-foot industrial park. The first phase of the project is set to comprise two warehouse facilities totaling 1.2 million square feet.

You May Also Like