(Read more on the industrial market.)
SPARTANBURG, SC-Phoenix-based Tratt Properties has expanded itsindustrial holdings, paying $18 million for a 563,210-sfdistribution facility here. SFI I, LLC, an affiliate of iStarFinancial, Inc., was the seller of the property located at 5675 N.Blackstock Rd.
The newly acquired asset, which carried a 7% plus cap rate,features 533,000 sf of bulk, 30-foot clear height distributionspace with an adjacent 30,000-sf single-story office asset,according to a release from Tratt Properties. Adidas Sales, Inc.has been in the building for 18 years and is currently carrying along-term deal, a spokeswoman for Tratt Properties tellsGlobeSt.com. She does not reveal the exact rental rate, but says itis below market rate.
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