Developer acquires Gaffney site with $30M plan in the works

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A New York-based real estate developer has acquired a 36-acre industrial site in Gaffney, and has a $30 million plan to develop the parcel.

Treeline, owner and investor in office, multi-family, and industrial properties, announced its plan Tuesday for an approximately 300,000-square-foot Class A industrial facility to be developed on the site, according to a press release.

The property was acquired from Hart Consumer Products, Inc. in an off-market transaction while Treeline represented themselves in the transaction. Choate Construction Co. and Warren Snowdon of Foundry Commercial have been named general contractor and exclusive leasing agent for the development and property, targeting manufacturing and warehouse/distribution tenants, the release said.

“Treeline is thrilled to acquire this extremely well-positioned parcel and is working quickly in cooperation with municipal leaders in Cherokee County to move this project forward,” said Daniel Schor, Treeline chief business development officer, in the release. “We continue to aggressively pursue investment opportunities in the Southeast, as Treeline is extremely focused on the region due to its explosive growth and access to ports critical to U.S. logistical infrastructure.”

Victory Crossing is located 40 minutes from the Charlotte and the Greenville-Spartanburg areas along the expanding Interstate 85 corridor, providing strategic connections to several interstate routes such as I-95, I-77, and I-26, the release said.

The acquisition marks Treeline’s third investment in the Southeast industrial market, following its acquisition of a two-building portfolio at 3700 and 3720 U.S. 421 North last year from Burgess Corp. and an 80-acre industrial site in Wilmington, N.C.., this past summer for the development of a Class A industrial park, according to the release.

In total, Treeline has invested more than $60 million in the acquisition, modernization, and new development of more than 800,000 square feet of modern manufacturing, warehouse, and distribution space in the Southeast in the last year and a half.

“Well-maintained infrastructure vital to the supply chain, the ongoing population migration to the region and its existing young, skilled labor force have created opportunities that match well with our investment criteria,” Schor added. “We currently have a number of additional deals pending in North Carolina and South Carolina and are actively pursuing additional development opportunities across the Southeastern United States in places such as Raleigh, Charlotte, Spartanburg/Greenville, Charleston and Wilmington.”

Established in 1985, Treeline currently owns and manages more than six million square feet of real estate assets.

Cherokee County continues its hot streak, as this announcements comes on the heels of Chicago-based Glenstar and Glen Creek Capital announcing plans to invest $415 million in a big box development project with around 3.6 million square feet of space at Cherokee Commerce Center 85 in Gaffney.

Last week, Niagara Pharmaceuticals, a manufacturer of eye health and safety products, announced plans to establish its first U.S. operation in Cherokee County. The company’s $9 million investment will create 45 new jobs.

Colliers South Carolina, which is handling leasing for the $415 million project, says industrial demand is driving new development in the Upstate and expanding the boundaries of the Charlotte market, making the I-85 corridor in Cherokee County more attractive to industrial prospects and the companies that serve them.