(Read more on the industrial market.)

SPARTANBURG, SC-Phoenix-based Tratt Properties has expanded its industrial holdings, paying $18 million for a 563,210-sf distribution facility here. SFI I, LLC, an affiliate of iStar Financial, 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 distribution space 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 a long-term deal, a spokeswoman for Tratt Properties tells GlobeSt.com. She does not reveal the exact rental rate, but says it is below market rate.

“We are very pleased to add such an internationally recognized brand as Adidas to our first class quality warehouse/distribution property portfolio,” Jonathan Tratt, principal, says in a statement. 5675 N. Blackstock Rd., which is Tratt Properties first acquisition in the market, resides in the northwest quadrant of the I-85/I-26 interchange at the northern end of the Greenville-Spartanburg corridor.

Tratt Properties has been busy on the industrial front lately. Last month, Tratt and its joint venture partner, KTR Capital Partners, broke ground on a 1.2-million-sf building in Riverside Industrial Center in Phoenix. The project is regarded as Arizona’s largest industrial spec project, as GlobeSt.com previously reported.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.