Blue Vista JV Buys 56-Acre Industrial Property – What is a Ground Lease?

Industrial, Investment, News, Southeast, Blue Vista Capital Management, IP Capital Partners, Schaeffler Group

1298 New Cut Road. Image courtesy of Blue Vista Capital Partners

A joint venture between Blue Vista Capital Management and IP Capital Partners has acquired a 56-acre industrial site in Spartanburg, S.C., which consists of a 201,718-square-foot manufacturing and warehouse building and 31 acres of land. The previous owner was Schaeffler Group, according to CommercialEdge data.

Completed in 1975, the building is located at 1298 New Cut Road. It features four dock high doors, three drive-in doors, multiple points of ingress and egress and two transformers offering 8,000 amps of power at 480 volts, along with 300 parking spaces. The property is also fully air conditioned.

Situated close to interstates 85 and 26, and within accessible range of Interstate 585, the property is some 16 miles from Greenville-Spartanburg International Airport and 15 miles from Inland Port Greer. It is also roughly 70 miles from Charlotte Douglas International Airport and less than 8 miles from Spartanburg Downtown Airport.

Blue Vista Managing Principal & Co-Head of Equity Brandon Goetzman stated in prepared remarks that there is significant demand for mid-sized industrial space in the South Carolina Upstate region. Nationally, demand for industrial assets remains healthy, but is not immune to economic crosswinds. The 65 million square feet absorbed in the first quarter of 2023 still represents a 40 percent drop from 2022’s last quarter, a Newmark report shows.

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The site includes a 201,718-square-foot building and 31 acres of undeveloped land.
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In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.