News Summary
Atlanta Property Group (APG) has successfully acquired a 173,000-square-foot industrial facility on Shelter Drive in Greenville. This strategic investment aligns with APG’s goal of committing $100 million in industrial properties across the Southeastern U.S. by 2025. The fully leased facility features premium construction and is ideally located near major transport routes. As the industrial market in Greenville shows notable activity, APG’s acquisition embodies a robust demand for quality industrial spaces in the region.
Greenville
Atlanta Property Group (APG) has successfully acquired a 173,000-square-foot industrial facility located at 6 Shelter Drive in Greenville. This property, classified as Class-A, was previously owned by the fastener company Lindstrom.
The acquisition marks a significant investment for APG, which aims to invest $100 million in industrial properties across the Southeastern United States by the end of 2025. The specific financial terms of the sale were not disclosed.
Strategic Location and Features
The facility is strategically positioned next to Interstate 85 at the Pelham Road exit, making it one of the few true infill locations in the Greenville area. Constructed in 2004, the building boasts several high-quality features, including tilt wall construction, 32-foot clear heights, a 140-foot truck court, and an ESFR (Early Suppression Fast Response) sprinkler system.
Currently, the property is fully leased, highlighting its continued demand in the industrial market. The facility’s proximity to major transportation infrastructure, including I-85 and the Greenville-Spartanburg International Airport, enhances its appeal as a distribution center.
Market Insights and APG’s Expansion Plans
Atlanta Property Group has been actively acquiring industrial buildings, securing a total of 15 industrial properties since 2022. The firm’s strategy focuses on key markets such as Atlanta, Charlotte, Greenville, Savannah, Nashville, Raleigh, and Central Florida, aiming to capture the high growth potential in these areas.
The industrial real estate market in metro Greenville has shown robust activity, with trading rates for assets nearing $100 per square foot, reflecting a 17.8 percent increase year-over-year. However, total square footage traded in Greenville experienced a notable decline, plummeting from 1.9 million square feet in the previous year to just 233,494 square feet this year.
Summary of Greenville’s Business Climate
The robust fundamentals of the distribution market, coupled with the area’s strategic location, growing population, and business-friendly climate, position Greenville favorably for future industrial developments. Investors like APG recognize the importance of these factors in driving long-term value.
The acquisition of the Shelter Drive facility underscores APG’s commitment to expanding its investment portfolio in the Southeast and reflects the ongoing demand for high-quality industrial space across the region.
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Additional Resources
- Upstate Business Journal
- Bisnow: Greenville Commercial Real Estate
- Greenville Business Magazine
- Post and Courier: Greenville Real Estate
- Google Search: South Carolina Commercial Real Estate
