October 23, 2023
Glenstar Logistics Breaks Ground on Phase I of 3.6 Million-Square-Foot Industrial Park in Gaffney, S.C.
Glenstar Logistics and its capital partner Creek Lane Capital have officially started construction on the first phase of the 3.6 million-square-foot Cherokee Commerce Center 85 (CCC-85) near the intersection of Interstate 85 and Highway 105 in Gaffney, S.C. Site work and mass grading for the 290-acre business park in Upstate South Carolina is already underway, and the development team expects the first speculative building to start going in Q2 2024.
Representatives from Chicago-based Glenstar Logistics and Creek Lane Capital joined elected local officials and project partners earlier today at the ceremonial groundbreaking for CCC-85’s first building, which is scheduled to deliver in late 2024.
The flexible warehouse under construction is a cross-docked 555,520-square-foot facility expandable to 1.3 million square feet with 40-foot clear heights, 56-feet-by-50-feet column spacing, 60-foot speed bays, up to 232 dock doors, four drive-in doors, 540 auto parking spots and 452 trailer spaces. John Montgomery, Garrett Scott, Brockton Hall and Dillon Swayngim of the Spartanburg office of Colliers are marketing the building on behalf of ownership.
“Projects like Cherokee Commerce Center 85 meet an enormous need for high-quality industrial facilities along fast-growing logistics corridors,” said Brian Netzky, principal of Glenstar Logistics. “The rapid increase in the number of electric vehicle, battery and semiconductor factories in the Southeast makes it critical for warehouse and logistics businesses to expand and expedite delivery capabilities to quickly ship parts and materials to these manufacturers. Modern facilities with high clear heights, abundant dock doors and trailer parking are essential for these factories to be successful in fulfilling their contracts.”
In addition to the first building, CCC-85 is slated to include four additional warehouses measuring 1.65 million, 252,270, 278,200 and 211,640 square feet, to meet demand for modern industrial space along I-85 between Greenville-Spartanburg, S.C., and Charlotte, N.C. According to Netzky, possible uses for the mid- to bulk-size space at CCC-85 include distribution and warehousing, food processing, flex/light industrial, light manufacturing, logistics or refrigeration/cold storage.
“Working with pro-business Cherokee County officials, we have a long history of helping tenants and owner/occupiers secure economic incentives to maximize ROI,” said John Montgomery, managing director of Colliers. “We also fast-track occupancy so future tenants of CCC-85 can start shipping their products within a week of lease signing.”
Located at a four-way I-85 interchange, CCC-85 is 33 miles from the BMW Group Plant Spartanburg, 38 miles from Inland Port Greer in Upstate South Carolina and 45 minutes from Charlotte MSA. From CCC-85, tenants can reach 100 million consumers within a one-day drive.
The Conlan Company is serving as general contractor, while Ware Malcomb is responsible for the project design and SeamonWhiteside is managing civil engineering. CrossHarbor Capital Partners supplied $32.8 million in construction financing.
About Glenstar Logistics
Glenstar Logistics, the industrial arm of Glenstar, develops and invests in state-of-the-art warehouse, distribution and manufacturing facilities primarily in the southeast region of the United States. Headquartered in Chicago, Glenstar Logistics leverages decades-long relationships with local brokers, logisticians and end users to provide a unique insight on key factors tenants evaluate when making site selections. With 400+ acres currently under control, the team combines decades of real estate experience and proprietary third-party data analytics to direct every aspect of the development process with the end user in mind.
Glenstar is a Chicago-based national commercial real estate firm focused on ground-up industrial development through its Glenstar Logistics division as well as the development of reimagined office and multifamily properties. Founded in 2004 by Michael Klein, along with Rand Diamond, Glenstar has successfully developed or redeveloped more than $2 billion in commercial space comprising 10 million square feet across the U.S. Its nimble, tenant-focused approach and vertically integrated structure allow Glenstar to not only pursue and execute opportunistic projects, but also oversee and manage them seamlessly.
About Creek Lane Capital:
Creek Lane Capital is a Chicago-based real estate private equity firm founded in 2016 by the Walsh Family. The firm combines its founders’ 125 years of experience in the construction industry with an institutional quality management team to invest in a variety of real estate asset classes and markets throughout the United States. Creek Lane Capital invests alongside its developer partners on an opportunistic basis. However, it has the flexibility to take a long-term view of its investments in order to capitalize on the income and appreciation benefits of owning a portfolio of high-quality real estate on behalf of its investors.