{"id":1004605475,"date":"2022-10-05T02:36:55","date_gmt":"2022-10-05T10:36:55","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004605475"},"modified":"2022-12-08T22:12:28","modified_gmt":"2022-12-09T06:12:28","slug":"northpath-jv-buys-south-carolina-industrial-park","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/northpath-jv-buys-south-carolina-industrial-park\/","title":{"rendered":"Northpath JV Buys South Carolina Industrial Park"},"content":{"rendered":"
\"Image

Image by Tama66 via Pixabay<\/p><\/div>\n

A joint venture between Northpath Investments<\/strong> and TrueStone Group<\/strong> has completed the $34.8 million purchase of 1101 Syphrit Way, a five-building, 748,000-square-foot industrial park in Wellford, S.C. The partnership acquired the property from textile manufacturer Leigh Fibers<\/strong> in a sale-leaseback transaction, marking Northpath\u2019s first industrial purchase in South Carolina.<\/p>\n

A JLL<\/strong> Capital Markets<\/strong> team represented the buyer in procuring acquisition financing through MidCap Financial<\/strong>. Lyons Industrial Properties<\/strong> brokered the sale on behalf of Leigh Fibers.<\/p>\n

The 1101 Syphrit Way campus was built in 1961 on 56.9 acres, according to CommercialEdge data. The development was 95 percent occupied at the time of sale. Following the transaction, Leigh Fibers will continue to occupy 590,307 square feet at the property it had owned for more than 60 years.<\/p>\n

The buildings feature more than four combined dock-high loading platforms with 67 dock positions, rail-capable loading doors and 205-foot truck courts, CommercialEdge data shows. The complex sits at the intersection of routes 29 and 129, adjacent to Interstate 81, placing it midway between many of the Southeastern U.S.\u2019 largest cities and markets.<\/p>\n

JLL Managing Director Michael Klein represented the buyer, while Robert Lyons, president of Lyons Industrial Properties, worked on behalf of the seller.<\/p>\n

South Carolina\u2019s industrial landscape<\/h2>\n

The sale of 1101 Syphrit Way took place during a widespread reshoring<\/a> of the nation\u2019s industrial capabilities, in part due to supply chain instability, geopolitical strife and climate change. For its part, South Carolina saw a downward-trending vacancy rate of 3.10 percent, alongside 23.2 million square feet of space in its construction pipeline at the end of the year’s second quarter, according to a Colliers report<\/a>.<\/p>\n

One of the largest projects in the area is Evergreen Logistics Park<\/a>, a 2 million-square-foot manufacturing and distribution campus underway in Anderson, S.C. Hunt Midwest broke ground on the development’s first building in June.<\/p>\n

Another industrial development is coming online 20 miles from 1101 Syphrit Way. In July, a partnership between SunCap Property Group and the Real Estate business within Goldman Sachs Asset Management started construction on Enterprise 85<\/a>, a speculative campus in Greenville, S.C. At full build-out, the property will total some 1.6 million square feet.<\/p>\n","protected":false},"excerpt":{"rendered":"

This five-building campus changed hands in a sale-leaseback transaction.<\/p>\n","protected":false},"author":3012,"featured_media":1004605474,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21748,21742],"tags":[32796,51723,35060,51720,51721],"class_list":["post-1004605475","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-industrial","category-latest","tag-jll","tag-lyons-industrial-properties","tag-midcap-financial","tag-northpath","tag-truestone-group"],"acf":[],"yoast_head":"\nNorthpath, TrueStone Acquire South Carolina Industrial Park - CPE<\/title>\n<meta name=\"description\" content=\"The joint venture acquired the five-building park for $34.8 million in a sale-leaseback transaction with Leigh Fibers.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/northpath-jv-buys-south-carolina-industrial-park\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Northpath JV Buys South Carolina Industrial Park\" \/>\n<meta property=\"og:description\" content=\"The joint venture acquired the five-building park for $34.8 million in a sale-leaseback transaction with Leigh Fibers.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/northpath-jv-buys-south-carolina-industrial-park\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-05T10:36:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T06:12:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/10\/lost-places-1801658_1920-e1664914560921.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"801\" \/>\n\t<meta property=\"og:image:height\" content=\"621\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gabriel Frank\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/northpath-jv-buys-south-carolina-industrial-park\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/northpath-jv-buys-south-carolina-industrial-park\\\/\"},\"author\":{\"name\":\"Gabriel Frank\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/cf1bfd2d6753f6ea305911ffd020862c\"},\"headline\":\"Northpath JV Buys South Carolina Industrial Park\",\"datePublished\":\"2022-10-05T10:36:55+00:00\",\"dateModified\":\"2022-12-09T06:12:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/northpath-jv-buys-south-carolina-industrial-park\\\/\"},\"wordCount\":365,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/northpath-jv-buys-south-carolina-industrial-park\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2022\\\/10\\\/lost-places-1801658_1920-e1664914560921.jpg\",\"keywords\":[\"JLL\",\"Lyons Industrial Properties\",\"MidCap Financial\",\"Northpath\",\"TrueStone Group\"],\"articleSection\":[\"Deals\",\"Industrial\",\"News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/northpath-jv-buys-south-carolina-industrial-park\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/northpath-jv-buys-south-carolina-industrial-park\\\/\",\"name\":\"Northpath, TrueStone Acquire South Carolina Industrial Park - 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