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SPARTANBURG, SC-Phoenix-based Tratt Properties has expanded its industrial holdings, paying $18 million for a 563,210-sf distribution facility here. SFI I, LLC, an affiliate of iStar Financial, Inc., was the seller of the property located at 5675 N. Blackstock Rd.

The newly acquired asset, which carried a 7% plus cap rate, features 533,000 sf of bulk, 30-foot clear height distribution space with an adjacent 30,000-sf single-story office asset, according to a release from Tratt Properties. Adidas Sales, Inc. has been in the building for 18 years and is currently carrying a long-term deal, a spokeswoman for Tratt Properties tells GlobeSt.com. She does not reveal the exact rental rate, but says it is below market rate.

"We are very pleased to add such an internationally recognized brand as Adidas to our first class quality warehouse/distribution property portfolio," Jonathan Tratt, principal, says in a statement. 5675 N. Blackstock Rd., which is Tratt Properties first acquisition in the market, resides in the northwest quadrant of the I-85/I-26 interchange at the northern end of the Greenville-Spartanburg corridor.