Weston purchased a 409,600 SF industrial warehouse campus on 25 acres in April 2008 for $8,400,000.
The acquisition included four (4) buildings constructed in 1989-90.
Property is located in the thriving market of Spartanburg, South Carolina.
Weston negotiated favorable financing with a lender to enjoy below market cost of capital over the four (4) year hold period.
Project was 100% occupied at acquisition and we were successful negotiating and extending the existing tenant lease terms to continue healthy returns on our investment.
In April 2012 we sold this facility to an investor for $9,000,000 and completed our first “round trip transaction” with this JV partner.
Projected returns at acquisition were expected to be 13.5% and upon sale we achieved over 27% total project return on this investment.
