Wells Capital Inc. of Norcross, GA paid Atlanta-based Jamestown Management Corp. $26.9 million, or $34.19 per sf, for the property located at 110 and 112 Hidden Lake Circle in the 54.2-acre Spartangreen Industrial Park in Duncan, SC.
The capitalization rate was 9.1%, according to Theodore Kokernak, a senior investment associate in the Pala Alton, CA office of Marcus & Millichap Real Estate Investment Brokerage Co. M&M's Atlanta senior associates John Wise and David Hume worked with Kokernak in exclusively listing and marketing the property.
The facility includes two single-story buildings. Both are 100% leased through 2011 by BMG Direct Marketing and BMG Music, two divisions of Germany-based Bertelsmann AG.
Spartangreen park is 20 miles from Greenville, SC in the rapidly developing Greenville-Spartanburg corridor along Interstate 85.
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