GTIS Partners, Collett Form $140M Industrial JV in South Carolina
The properties have a capitalization of $140 million.
GTIS Partners formed a joint venture with Collett Industrial to acquire and develop two projects in South Carolina’s Greenville-Spartanburg (GSP) MSA. The projects have a 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 industrial space upon completion, are adjacent to one another within an 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 the operations of over 110 companies.
The projects are centrally located on the East Coast, offering access around Greenville, south to Charleston and Atlanta, and north to Charlotte, Raleigh and Durham.
The joint venture with Collett underscores GTIS’ expansion of its industrial acquisition and development platform. With these two projects, GTIS’ global industrial portfolio encompasses 13 million in square feet with a total project cost of $1.25 billion across 14 projects.