The property is a $185MM fully funded Joint Venture with Flint Development
WASHINGTON, DC – August 17, 2022 – PRP, one of the leading investment management firms focused on credit net lease investments, announced today that it has closed the acquisition of a 1.85MM square foot Class A distribution center development that, once complete, will be fully leased and occupied to an affiliate of Techtronic Industries Co. Ltd. (“Techtronic”). The total capitalization of the development is $185MM and will be fully completed by the fourth quarter of 2023.
The tenant in this facility will be Hart Consumer Products, a subsidiary of Techtronic. Techtronic is a leading worldwide consumer products company included in the Hang Seng Index of top 50 largest public companies in Hong Kong. Techtronic maintains a powerful brand portfolio including MILWAUKEE, RIYOBI and HOOVER. These brands are leaders in the cordless power tools, accessories, floorcare and the do-it yourself segments.
The Property will be a state-of-the-art distribution center built to modern Class A property specifications including cross-dock loading configuration, 40-foot clear heights, 338 dock doors, a 185-foot truck court, and 835 spaces of excess trailer parking on 178 acres of land.
Joseph Neckles, PRP’s Managing Director and Head of Net Lease Investments stated, “This acquisition meets all of PRP’s most important investment criteria including new construction, a long-term net lease, a high investment grade credit quality tenant and location within a strong US logistics market. We are thrilled to work with Flint Development on this build-to-suit and look forward having Techtronic as our tenant in the property. This is the second logistics facility that PRP owns with Techtronic as a tenant”.
Greenville-Spartanburg is widely recognized as a critical market within the broader US supply chain. The property’s location in Moore, South Carlina is strategically proximate to Greenville-Spartanburg International Airport and Inland Port Greer, which offers direct rail connection to the Port of Charleston. In addition to Techtronic, major nearby corporate occupiers include the largest BMW manufacturing facility in the world as well as Walmart’s recently announced $450 Million high-tech grocery distribution center.
PRP is a real estate investment management company with a focus on mission-critical logistics and corporate headquarters facilities leased to investment-grade companies on a long-term basis, investments in Opportunity Zones, investments in existing data centers and land zoned for data center use, value-add multifamily apartments and value-add office. Founded in 2005, PRP executes these strategies and asset manages a national portfolio of assets on behalf of its institutional investors, family offices and financial institutions. PRP has proven expertise in selecting and managing attractive risk adjusted real estate investments located in major markets throughout the United States. Since its formation, the company has acquired, developed, or invested in 46 assets with a value in excess of $6 Billion in all property sectors. PRP is privately held and is headquartered in Washington, DC. PRP is a creative buyer and seller of real estate and considers a variety of equity and debt investment structures. For more information on PRP, please visit www.prprei.com.
CONTACT: Colleen Ramsey, PRP LLC; 202-741-8400