Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has announced the sale of a 190,000-square-foot industrial distribution center fully leased to PL Developments, a leading manufacturer, packager and distributor of over-the-counter pharmaceutical products and consumer healthcare goods. The property is located about 45 miles southeast of Greenville, South Carolina at 28966 Highway 76 East in the city of Clinton. The seller, Piselli Enterprises Inc., was an individual investor from North Carolina, and they were exclusively represented by Stan Johnson Company’s Rob Gemerchak. The asset was purchased by a South Carolina-based individual investor. The facility traded for $3.7 million at an 8.39 percent cap rate.
“The strong market interest we received from prospects nationally is a testament to the current demand for stabilized distribution assets,” said Gemerchak, Director in Stan Johnson Company’s Toledo, Ohio office. “Despite the relatively short remaining lease term, investors were attracted to the quality of the tenant and the strategic importance of this location within their supply chain.”
The recently upgraded building was originally constructed in 1970 and sits on 25 acres. PL Developments has occupied the center for the last 18 years. This location supports two of the tenant’s nearby manufacturing and packaging facilities and is in close proximity to Interstates 26 and 385.