(Read more on the industrial market.)
CHARLESTON, SC-Fort Lauderdale, FL-based Mainstreet Capital Partners has sold Leeds Park, an 850,000-sf warehouse and manufacturing facility, for $54.85 million.
Mainstreet, in a joint venture with New York City-based DRA Advisors, acquired Leeds Park in September 2002 for $9 million in an off-market partial sales-leaseback transaction from Columbus, IN-based Cummins Inc. The acquisition included land for the development of up to 200,000 sf of warehouse space.
During the five years Mainstreet owned the property it completed a $7-million upgrade that included adding a new stucco facade to the main entrance and three employees entrances to the main building. Improvements also included a new roof and the installation of 30 new air handlers to provide 2,200 tons of air conditioning. The improvements were completed in May 2006.
In addition, Mainstreet constructed a 94,470-sf build-to-suit, freestanding, single-story warehouse to fulfill expansion needs for Behr America, Inc. With the new building, Behr occupies 360,000 sf at Leeds Park. "This was our first venture into the Charleston market," says Mainstreet Capital Partners principal Peter Tonon. "We continue to look at the Charleston market for future investments, as well as other markets in South Carolina."
New York City-based Cushman & Wakefield Sonnenblick Goldman arranged $45.9 million in financing for the latest acquisition.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
