Booming Industrial Development Planned in Spartanburg
If you’ve been keeping an eye on local business news, you must be excited to learn about the big development happening soon in Spartanburg. The word around town is that industrial expansion is in the works that could change the face of our city. It’s an exciting time in our neck of the woods as we witness the unfolding of a $37 million industrial development. We’ve got the scoop on what’s coming – let’s dig into the details!
The Big Plans Unveiled
Avison Young, the firm handling the financial side of the project, secured a hefty $24.8 million of construction financing and $12 million of joint venture equity for the speculative development of two potential industrial properties on behalf of a company called RealtyLink. Now, that’s a ton of zeros, right? We’re talking about big money business moves happening right here in Spartanburg.
The planned development is slated for a sprawling 78-acre parcel located on Zimmerman Road, right at the intersection of the busy Interstates 85 and 26. That’s a premium location, folks. And it will soon play host to two spanking new industrial buildings each summing up to 229,840-square-foot, under phase one of the project. And let’s not forget, these brand-new additions to our industrial scene are expected to be up and running by late 2025.
Phase Two and Beyond
But wait, there’s more! The brains behind the project also have future plans in their pipeline. The second part of the project includes a potential for an impressive 419,120-square-foot build-to-suit opportunity. That’s quite a sizeable space for whatever businesses that might need a home, don’t you think?
Location, Location, Location
Let’s talk a bit about why this location is a game-changer. Our area, known as the Upstate region, is a robust distribution and manufacturing corridor that houses some of the country’s largest industrial operations. For instance, we have BMW’s largest worldwide production facility, Michelin’s North American HQ and Lockheed Martin’s F-16 production line right here.
Neil Wilson, a principal at RealtyLink, expressed his enthusiasm saying, “this site offers an ideal location for industrial development and we’re thrilled to see it come to life.” He also appreciated the Avison Young team for recognizing their vision and finding a suitable JV partner to help get the ball rolling.
Scope of the Development
With the excellent track record of RealtyLink in terms of strategic site acquisitions and delivering top-notch industrial products across the country, it’s no wonder the future of industrial development in Spartanburg looks pretty promising. Jon Goldstein, a Principal at Avison Young, also commented that the project’s location, innovative design and exceptional sponsorship were crucial factors in securing excellent terms for this project.
Wrapping Up
So there you have it, folks! A massive industrial development project is coming to Spartanburg, breathing new life and opportunities into our beloved city. The booming growth surely portrays a brighter future for the city’s business and industrial scene. The countdown to late 2025 has officially begun and we couldn’t be more excited!
