McCraney Property Co. Completes Off-Market Industrial Sale 85 Logistics Park in Greenville, SC, to New-To-Market Global Medical Manufacturer
McCraney Property Company, a leading private real estate investment firm focused on the acquisition, development, and management of industrial properties in the Southeast region, today completed the off-market sale of 85 Logistics Park, a 201,600-square-foot Class A speculative industrial building on 18.57-acres offering the capacity for expansion at 816 Berry Shoals Road in Duncan, S.C.
This acquisition represents the first location within South Carolina for the new owner/occupier, Pall Corporation, a global leader in high-tech filtration, separation, and purification, serving the diverse needs of customers across a wide range of applications.
As a new-to-market business, this transaction will add to South Carolina’s uptick in overall absorption. In the first quarter of 2021, absorption totaled 5.5 million square feet, of which the Greenville-Spartanburg industrial submarket (in which 85 Logistics Park is located) accounted for 59 percent at 3,239,066 square feet.
“With vacancy rates dropping across the state, new construction down year-over-year and overall asking rental rates on the rise, the original lease discussions with Pall Corporation transitioned into the buyer acquiring this asset for owner/occupier purposes,” said Steven McCraney, President and CEO of McCraney Property Company. “This transaction is in line with the increased interest from national/international manufacturing in the Greenville-Spartanburg industrial submarket, which resulted in more than $400 million in investments and 800-plus new jobs created in the first quarter of 2021.”
The Medical Device Manufacturing industry outpaced the growth of the U.S. overall economy over the past five years. Danaher Corporation, the parent company to Pall Corporation since 2015, reported that as of the first quarter of 2021, it achieved a 182.5 percent year-over-year increase in net earnings, with revenues increasing by 58 percent for the same period.
“The addition of Pall Corporation to the Greenville-Spartanburg industrial submarket will result in the addition of 425 new jobs,” said Joseph Curley, Leasing and Acquisitions Specialist of McCraney Property Company. “Greenville has a skilled labor force, which can meet the growing demand from the medical manufacturing industry.”
CBRE’s Trey Pennington and Jeff Benedict represented McCraney Property Company, and CBRE’s Frank Larsen represented the buyer in this transaction.