Weston purchased a 400,000 square foot industrial distribution facility on 45 acres in Greenville, South Carolina with 322,000sf leased to Josten’s Inc. and Lanxess Corp., a division of Bayer Chemical.
At the time of acquisition the facility was 82% leased.
The building is tilt up concrete construction with 28′ ceilings and ample dock doors.
Projections at the time of acquisition were that the building would be 100% leased in one year. This goal was accomplished in 6 months by securing Gray Interplant Systems.
A partnership was completed with an institutional investor.
The purchase was made with a capitalization rate of 8.5%. Cash on cash at the time of purchase was 10%, and it grew to 12% after the vacancy was filled.
In 2012, the property was sold to a large institutional buyer.
A 30% IRR was achieved by the partnership at the time of sale.
