Weston purchased a 280,000 square foot distribution facility on 35 acres in South Carolina with an 80,000 square foot vacancy.
The building is tilt up concrete construction built in 2002.
The purchase included an opportunity to add value by constructing a 200,000 square foot building on the additional acreage.
Purchase was made with a capitalization rate of 8.1% with an 80,000 SF vacancy and 14 acres of additional land. Cash on cash returns will grow to 12% over a 10 year period.
North Carolina and South Carolina are considered growth markets because of its increasing population and state industry growth.
