August 03, 2022
GTIS Partners Announces $140 Million Industrial Property Joint Venture in South Carolina with Collett Industrial
NEW YORK, Aug. 3, 2022 /PRNewswire/ -- GTIS Partners ("GTIS"), a global real estateinvestment firm that manages $4.7 billion in gross assets with a focus on residential andindustrial investments, announced today a joint venture with Collett Industrial ("Collett"), an industrial developer headquartered in Charlotte, NC, to acquire and develop two projects in the Greenville-Spartanburg ("GSP") MSA which have a total capitalization of $140 million. One of the projects, Willimon Business Park, has executed leases or letters of intents with tenants totaling approximately 520,000 square feet for long term occupancy at the project.
The GSP development projects, which will total nearly 1.2 million square feet of industrialspace upon completion, are located directly adjacent to one another within the same Opportunity Zone on the eastern edge of the South Carolina Technology & Aviation Center ("SCTAC"). SCTAC is one of the largest business parks in South Carolina and houses theoperations of over 110 companies.
The new projects are centrally located on the East Coast, offering greater access around Greenville, south to Charleston and Atlanta, and north to Charlotte, Raleigh and Durham. Demand in the GSP industrial market is supported by a diverse set of factors including thestrong availability of labor, proximity and connectivity to the Port of
Charleston and Inland Port Greer, and the long history of manufacturing in the region.
"Fueled by the ongoing growth of ecommerce and onshoring, the demand for industrial warehouses remains strong, and we are excited to continue our expansion in the sector inpartnership with the team at Collett Industrial," said Robert McCall, a Senior Managing Director at GTIS Partners. "With a focus on Opportunity Zone properties specifically, we are also pleased to bring more jobs and economic opportunities to these communities, and look forward to encouraging development across the region."
"We're excited to continue our investment in the GSP market alongside our partners at GTIS," said Teddy Hull, a principal at Collett Industrial. "The success we've seen at Willimon Business Park to date is testament to the numerous competitive advantages across GSP, including a strong labor force and commitment by local municipalities and the Greenville Area Development Corporation to attract and retain quality businesses."
The joint venture with Collett underscores GTIS' continued expansion of its industrial acquisition and development platform. With these two new projects, GTIS' global industrial portfolio encompasses 13 million in square feet with a total project cost of $1.25 billion across 14 projects.