CBRE Capital Markets’ Debt & Structured Finance has secured $55.5 million in acquisition financing on behalf of LRC Properties for Gaffney Distribution Center, a 1.03 million-sq.-ft. warehouse in Gaffney, South Carolina.
LRC Properties acquired the warehouse for $80.5 million in a sale-leaseback transaction with 3 years of term. The tenant was not disclosed. CBRE secured a 4-year floating rate loan with an option to extend through a life insurance company.
CBRE’s Brian Linnihan, Mike Ryan, Richard Henry and Taylor Crowder represented LRC Properties in the financing, which includes future funding.
“Gaffney Distribution Center is a special property with an exceptional tenant attached to it,” said Mr. Linnihan, Vice Chairman at CBRE in Atlanta. “The tenant recently expanded this facility to meet its growth needs and is committed to the location. We were able to secure financing by facilitating a relationship between our client and a lender who was able to offer flexible loan terms with additional funding.”
Located at 34 Commerce Drive, Gaffney Distribution Center was built in 1996 and is conveniently located just a mile of Interstate 85. It is fully leased to a single tenant. In 2021, the building was expanded by 486,486 sq. ft.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
