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Amazon facility sold for $63 million

Staff Report
Published Jan. 1, 2013

A subsidiary of Phoenix, Ariz.-based Cole Corporate Income Trust Inc. paid $63.3million to acquire the 1 million-square-foot warehouse leased to Amazon in Spartanburg, according to a regulatory filing.

The facility was built last year and opened in the fall with around 375 employees.

Cole ID Spartanburg SC LLC acquired the facility from Tango S.C. LLC in December, according to a filing with the U.S. Securities and Exchange Commission. The site is fully leased to LLC.

The roughly 1-million-square-foot building and its one mile of conveyor belt systems handle thousands of shipments per day of larger items, such as printers, water coolers, yard statues, canoes and auto parts. Packages are shipped around the country. The first item shipped out of the site in September was a Canon wireless printer.

Cole Corporate Income Trust, which owns Cole ID Spartanburg, is a public, non-listed real estate investment trust that invests in distribution facilities, warehouses, manufacturing plants and corporate or regional headquarters.

As of November, Cole-related entities owned and managed more than 1,975 assets representing approximately 71.3 million square feet of commercial real estate in 47 states with a combined acquisition cost of approximately $11.7 billion.

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