A national commercial real estate developer has acquired $38.2 million in construction financing for the first phase of a massive industrial park in Gaffney, South Carolina.
Chicago-based Glenstar, a developer specializing in industrial properties, received the funding from CrossHarbor Capital Partners, according to a release.
The industrial park, which is being developed in partnership with Creek Lane Capital, is poised to become Cherokee County’s largest, spanning 290 acres and featuring five buildings.
The initial phase of the project will kick off with site preparation for Building 2A, a 555,520-square-foot flexible facility with the potential for expansion to 1.3 million square feet.
It will offer a cross-docked layout, accommodating up to 232 dock doors, four drive-in doors, 540 auto parking spaces, and 452 trailer spaces. Completion is scheduled for fall 2024.
Matt Klein, director at CrossHarbor Capital Partners, expressed enthusiasm for the project, highlighting the prime location of CCC-85 in one of the fastest-growing transportation and logistics corridors in the United States.
Future phases of CCC-85 may encompass four additional warehouses, ranging from 211,640 to 1.65 million square feet. The facilities will cater to the demand for modern industrial space in the corridor stretching between Greenville-Spartanburg, South Carolina, and Charlotte, North Carolina.
Key specifications include 40-foot clear heights, 56-by-50-foot column spacing, and 60-foot speed bays.
Glenstar Principal Brian Netzky emphasized CCC-85’s strategic location, offering easy access to Inland Port Greer and the Port of Charleston, which is of particular interest to companies involved in Southeastern production, including electric vehicle, battery, and semiconductor manufacturers.
Cherokee County’s industrial submarket is already home to several major players, such as DHL Supply Chain, Mann+Hummel, Techtronic Industries, and Dollar Tree.
The area has a strong labor pool and low vacancy rates, the release says.
CCC-85 is located at a four-way I-85 interchange, with convenient proximity to the BMW Group Plant Spartanburg, Inland Port Greer, and Charlotte.
The Conlan Company is the project’s general contractor, with Ware Malcomb serving as the architect and SeamonWhiteside as the civil engineer.
Leasing for the project will be handled by Colliers’ Spartanburg office, with John Montgomery, Garrett Scott, Brockton Hall, and Dillon Swayngim leading the effort.