Crescent Communities has completed AXIAL Crosspoint, a three-building, 558,000-square-foot industrial campus in Greenville, S.C.
Santander Bank originated the construction financing for this development in May 2022, according to CommercialEdge data, while AEW Capital Management provided the equity. CBRE First Vice Presidents Marcus Cornelius and Campbell Lewis are conducting the leasing efforts.
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The developer broke ground on the Class A park in June 2022. Other partners in the project included MCA Architecture and Harper General Contractors. The three rear-load, infill facilities sit on a 72-acre site. About 60,000 square feet are already leased to lighting manufacturer Access Lighting.
The 283,242-square-foot Building 1 features 36-foot clear heights, 60 dock-high loading doors and a 60-foot speed bay. Building 2 boasts 73,271 square feet with 32-foot clear heights and 31 dock doors, while the 201,649-square-foot Building 3 has 36-foot clear heights and 51 dock doors.
Each facility has two drive-in doors and a combined 516 car parking spaces and 94 trailer stalls. The properties can accommodate tenants ranging from 16,000 to 283,000 square feet.
The properties are at 101, 201 and 301 Piedmont Grove Park, between the interstates 85 and 185, and 5 miles from downtown Greenville. Greenville Downtown Airport is 8 miles northeast, while Greenville-Spartanburg International Airport is within 16 miles. The campus is also 5 miles from the site where Nissin Foods USA is developing a 640,640-square-foot facility.
Greenville’s industrial pipeline
According to a recent Cushman & Wakefield report, Greenville had nearly 9.5 million square feet of industrial space under construction as of the fourth quarter of last year. The market’s vacancy rate clocked in at 8.6 percent during the same period.
In September, Rockefeller Group announced the development of its second industrial project in the Greenville-Spartanburg market. Dubbed Spartanburg 221, the 1 million-square-foot speculative building is expected to come online in the fourth quarter of this year.
The post Crescent Communities Wraps Up Greenville Industrial Campus appeared first on Commercial Property Executive.
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.
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