The New York-based firm that acquired Office Park Patewood in Greenville said it plans additional capital improvements to the Class A office campus.
According to a news release, JFR Global Investments is planning “significant capital improvements” including common area renovations, upgraded lobby and restrooms, the creation of a tenant lounge and additional tenant amenities.”
In addition, JFR Global has retained CBRE Inc. to serve as the leasing agent for the six-building office park that spans 448,505 square feet along the I-385 corridor. The park has been managed by Trinity Partners.
“The acquisition of Office Park Patewood is the latest in a series of investments from outside investors into the Greenville-Spartanburg office market. Recent rent growth, coupled with the market’s reputation as a value option in the region and a lack of new product make the market attractive to investors,” said Blaine Hart, CBRE first vice president, in the release. “Additionally, the opportunities at Office Park Patewood are highlighted by the quality of tenants within the park today and the ability to offer a premier, dynamic workplace to future tenants.”
According to the release, under previous ownership over the past three years, Office Park Patewood underwent nearly $5 million in upgrades and renovations, which led to over 250,000 sq. ft. of new leasing activity completed by CBRE.
Garrison Investment Group sold the office park in February. The park, which is spread across four addresses — 10 Patewood Drive, 30 Patewood Drive, 50 International Drive and 80 International Drive — has an 82% occupancy rate over its 448,505 square feet. Tenants of the park include Ogletree Deakins, Mustang Process and Industrial, RealPage and The Gordian Group.