{"id":1004635110,"date":"2022-12-13T03:04:00","date_gmt":"2022-12-13T11:04:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004635110"},"modified":"2022-12-13T06:30:23","modified_gmt":"2022-12-13T14:30:23","slug":"lrc-properties-pays-81m-for-1-msf-warehouse","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/lrc-properties-pays-81m-for-1-msf-warehouse\/","title":{"rendered":"LRC Properties Pays $81M for 1 MSF Warehouse"},"content":{"rendered":"
\"Gaffney<\/a>

Gaffney Distribution Center. Image courtesy of CBRE<\/p><\/div>\n

LRC Properties<\/strong> has acquired Gaffney Distribution Center, a 1 million-square-foot warehouse in Gaffney, S.C., under an $80.5 million sale-leaseback transaction. CBRE Capital Markets<\/strong>\u2019 Debt & Structured Finance secured $55.5 million in acquisition financing on behalf of LRC.<\/p>\n

The sale-leaseback has a three-year term; the tenant was not disclosed. Working with a life insurance company, CBRE secured a four-year floating-rate loan with an option to extend.<\/p>\n

Gaffney Distribution Center is at 34 Commerce Drive, just a mile from I-85. It was built in 1996 and was expanded by 486,486 square feet by the occupant in 2021.<\/p>\n

\n

READ ALSO<\/strong>: Top 5 Markets for Industrial Construction Activity<\/a><\/p>\n

\n

Gaffney is in northern South Carolina, about 20 miles east of Spartanburg and about 50 miles west-southwest of Charlotte, N.C.<\/p>\n

Brian Linnihan, a vice chairman at CBRE in Atlanta, along with CBRE\u2019s Mike Ryan, Richard Henry and Taylor Crowder, represented LRC Properties in the financing, which includes future funding.<\/p>\n

Linked to the sea<\/h2>\n

South Carolina has seen a very recent spate of large deals involving industrial space. Earlier this month, Magnus Development Partners broke ground<\/a> on the first two buildings of an industrial park in Columbia that\u2019s planned to eventually total more than 1 million square feet. Colliers<\/strong> will be handling the marketing and leasing.<\/p>\n

And just this past week, Red Rock Developments signed a full-building tenant<\/a> for the first speculative distribution facility at Sandy Run Industrial Park, also in Columbia. Smart Warehousing<\/strong> will be occupying the 497,592-square-foot building once it\u2019s completed, in the second quarter of next year. Colliers represented Red Rock, and the tenant was represented by Lee & Associates<\/strong>.<\/p>\n

The Greenville\/Spartanburg industrial market is seeing a combination of high demand and low inventory, according to a third-quarter report from Lee & Associates. The latter is about to change, however, with more than 20 million square feet of industrial space under construction currently, a major surge to an inventory of 246.8 million square feet.<\/p>\n

The overall vacancy is just 2.8 percent, and absorption has been running between 1.4 million and 1.7 million square feet per quarter.<\/p>\n","protected":false},"excerpt":{"rendered":"

CBRE secured the acquisition financing for Gaffney Distribution Center in South Carolina.<\/p>\n","protected":false},"author":882,"featured_media":1004635120,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21748,21783,21742],"tags":[32789,35046,35498,32762,38364],"class_list":["post-1004635110","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-industrial","category-investment","category-latest","tag-cbre","tag-cbre-capital-markets","tag-colliers","tag-lee-associates","tag-lrc-properties"],"acf":[],"yoast_head":"\nLRC Properties Pays $81M for 1 MSF Warehouse - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"LRC Properties has acquired Gaffney Distribution Center, a 1 million-square-foot warehouse in Gaffney, S.C., in a sale-leaseback deal.\" \/>\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\/lrc-properties-pays-81m-for-1-msf-warehouse\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LRC Properties Pays $81M for 1 MSF Warehouse\" \/>\n<meta property=\"og:description\" content=\"LRC Properties has acquired Gaffney Distribution Center, a 1 million-square-foot warehouse in Gaffney, S.C., in a sale-leaseback deal.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/lrc-properties-pays-81m-for-1-msf-warehouse\/\" \/>\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=\"2022-12-13T11:04:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-13T14:30:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/12\/34-Commerce-Drive-featured.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"685\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\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\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/lrc-properties-pays-81m-for-1-msf-warehouse\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/lrc-properties-pays-81m-for-1-msf-warehouse\/\",\"name\":\"LRC Properties Pays $81M for 1 MSF Warehouse - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/lrc-properties-pays-81m-for-1-msf-warehouse\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/lrc-properties-pays-81m-for-1-msf-warehouse\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/12\/34-Commerce-Drive-featured.jpg\",\"datePublished\":\"2022-12-13T11:04:00+00:00\",\"dateModified\":\"2022-12-13T14:30:23+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"description\":\"LRC Properties has acquired Gaffney Distribution Center, a 1 million-square-foot warehouse in Gaffney, S.C., in a sale-leaseback deal.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/lrc-properties-pays-81m-for-1-msf-warehouse\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/lrc-properties-pays-81m-for-1-msf-warehouse\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/lrc-properties-pays-81m-for-1-msf-warehouse\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/12\/34-Commerce-Drive-featured.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/12\/34-Commerce-Drive-featured.jpg\",\"width\":685,\"height\":500,\"caption\":\"Gaffney Distribution Center. 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