(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."
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