Northpath JV Purchases South Carolina Industrial Park – Commercial Property Manager
A joint venture between Northpath Investments and TrueStone Group completed the $34.8 million purchase of 1101 Syphrit Way, a five-building, 748,000 square foot industrial park in Wellford, SC The partnership acquired ownership of the textile manufacturer Leigh fibers in a sale-leaseback transaction, marking Northpath’s first industrial purchase in South Carolina.
A JLL Capital markets the team represented the buyer in obtaining acquisition financing through MidCap Financial. Industrial Properties of Lyon negotiated the sale on behalf of Leigh Fibers.
The 1101 Syphrit Way campus was built in 1961 on 56.9 acres, according to CommercialEdge data. The subdivision was 95% occupied at the time of the sale. Following the transaction, Leigh Fibers will continue to occupy 590,307 square feet on the property it has owned for over 60 years.
The buildings feature more than four combined dock-height loading bays with 67 dock positions, rail-compatible loading doors and 205-foot truck lots, according to data from CommercialEdge. The resort sits at the intersection of Routes 29 and 129, off Interstate 81, placing it midway between many of the largest cities and markets in the Southeastern United States.
JLL managing director Michael Klein represented the buyer, while Robert Lyons, president of Lyons Industrial Properties, acted for the seller.
South Carolina’s Industrial Landscape
The sale of 1101 Syphrit Way took place during a widespread relocation of the country’s industrial capacity, in part due to supply chain instability, geopolitical conflicts and climate change. For its part, South Carolina saw a declining vacancy rate of 3.10%, as well as 23.2 million square feet of space in its construction pipeline at the end of the second quarter of the year. year, according to a report by Colliers.
One of the area’s largest projects is Evergreen Logistics Park, an ongoing 2 million square foot manufacturing and distribution campus in Anderson, SC Hunt Midwest opened the development’s first building in June.
Another industrial development is online 20 miles from 1101 Syphrit Way. In July, a partnership between SunCap Property Group and the real estate business of Goldman Sachs Asset Management launched construction of Enterprise 85, a speculative campus in Greenville, South Carolina. At full construction, the property will total approximately 1.6 million square feet.