SPARTANBURG, SC-Locally based Johnson Development Associates is putting five million sf of class A+ industrial space on the market, and it has selected CB Richard Ellis to find a buyer. The Carolina industrial portfolio carries a target price of $255 million and is spread across South Carolina and North Carolina.
Johnson Development Associates has decided to sell the holdings as a way "to monetize their existing portfolio so they can redistribute their funds into new developments," a CBRE spokeswoman tells GlobeSt.com, including the continuation of their "port play," capitalizing on the global supply chain.
Leading the marketing efforts is CBRE's Dallas team of Jack Fraker, vice chairman; Randy Baird, executive vice president; and Josh McArtor, vice president. They will join with Chris Riley, executive vice president; and Frank Fallon, executive vice president in CBRE's Atlanta office; and Robert Barrineau, first vice president, in CBRE's Charleston office.
"This is a unique opportunity for investors," Fraker says in a statement. "Not only does this portfolio include the very best-of-class assets strategically located in two core national industrial real estate markets, there are additional development opportunities available with over 2.1 million sf of expansion land which has been cleared and graded to immediately accommodate maximum build-out."
According to CBRE, the bulk distribution space has a lease term of 8.8 years remaining and has a concentration of credit tenants. The properties are in Spartanburg, Duncan, Gaffney, Charleston, Summerville and Orangeburg in South Carolina, and Kings Mountain and Winston-Salem in North Carolina. The spokeswoman adds the portfolio is 80% occupied.
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