RealtyLink Lands $25M for Industrial Development
2 min readRealtyLink has obtained $24.8 million in construction financing to develop the first phase of an 878,800-square-foot industrial campus in Spartanburg, S.C. Avison Young arranged the note, as well as $12 million in joint venture equity.
Carter Bank & Trust originated the loan, according to Spartanburg County public records.
The first phase of the development consists of two facilities measuring 229,840 square feet each. Completion of these buildings is expected in late 2025. The campus’ second phase will see the construction of a 419,120-square-foot build-to-suit warehouse.
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Each facility will have 36-foot clear heights and 185-foot truck courts. Upon full build-out, the park will total 150 dock-high loading doors, two drive-in doors, 208 trailer stalls and about 600 car parking spots.
The buildings will rise on approximately 78 acres and provide easy access to interstates 85 and 26. Downtown Spartanburg is less than 6 miles away, while downtown Charlotte, N.C., is some 78 miles northeast.
Avison Young Principals Jon Goldstein, Michael Yavinsky and Wes Boatwright, along with Vice President Connor Burke, arranged the loan and the joint venture equity on behalf of the developer.
Greenville sees more facilities underway
Grenville’s industrial sector currently has 14 developments under construction, set to total almost 5.4 million square feet upon completion, according to CommercialEdge information. Additionally, there are 13 more projects in the planning phases, expected to encompass roughly 3.2 million square feet.
Last week, GTIS Partners and Collett Industrial broke ground on Stateline 85, a 933,120-square-foot, three-building campus in Blacksburg, S.C. The first phase will consist of two facilities totaling about 423,360 square feet and is scheduled to come online by next summer.
In February, Crescent Communities delivered AXIAL Crosspoint, a 558,000-square-foot industrial park in Greenville, S.C. The company started construction on the three-building, 72-acre campus in 2022.
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