In a Release issued by Collier International/South Carolina concerning the purchased of the privately held Carolina Industrial Properties portfolio. The release read as follows:
Colliers International | South Carolina and LCK to handle leasing, marketing, property management, accounting and project management for the portfolio.
Charleston / Columbia / Greenville / Spartanburg, SC – Weston, Inc., a privately held industrial property owner and developer based in Cleveland, OH, has closed the purchase of the Carolina Industrial Properties portfolio previously owned by Reger Holdings LLC. The portfolio consists of 37 properties, 57 tenants and 5.5 million square feet of industrial product across 16 counties in South Carolina. The portfolio is 83% leased with an average total occupancy term of 7.7 years.
According to Costar, the transaction volume accounts for the largest single acquisition of properties within South Carolina in at least ten years. Weston is now one of the largest privately-owned real estate investors in the state.
“We are thrilled to strengthen our presence in South Carolina,” said TJ Asher, President, Weston Acquisitions/Development Group. “Adding this portfolio to our current holdings brings our total ownership in the state to 7 million square feet of industrial real estate. At the center of our mission is an unwavering and uncompromising focus on customer service. We are confident in our partnership with the Colliers and LCK team to establish our foothold in the state and invest in tactical relationships to grow our business.”
Weston hired Colliers International | South Carolina and LCK to handle brokerage, marketing, accounting, property management and project management for the portfolio which includes a team of 40 professionals across the firm’s Columbia, Charleston, Greenville and Spartanburg offices.
Brokerage efforts for the portfolio will continue to be spearheaded by Chuck Salley, SIOR, Dave Mathews, SIOR, Thomas Beard and John Peebles. “Colliers’ presence in every major industrial market in the state creates a platform for a natural partnership with Weston,” said Salley, Vice President and Director of Industrial Brokerage Team in Colliers | South Carolina’s Columbia office. “The collaboration of our brokerage, marketing, accounting, property management and project management teams among our four offices in South Carolina allows for a seamless transition to the new ownership. We helped build this portfolio from the ground up with the Reger Holdings team and we look forward to celebrating the continued success of the portfolio for Weston.”
“Reger Holdings is grateful to Chuck Salley and the Colliers and LCK teams for nearly a decade of hard work building and stabilizing this portfolio,” said Gordon Reger, Chairman and Chief Executive Officer of Reger Holdings LLC. “We are looking forward to continuing to invest in South Carolina real estate in other ways, including student housing, office properties and more.”
Debbie Lane, CPM, Senior Vice President of Real Estate Management Services (REMS) for Colliers | South Carolina will oversee the property management of the portfolio. Neil Jones, CPA, Chief Financial Officer, will manage the accounting for the properties.
Liz McCary, Vice President of Marketing | South Carolina, and Elizabeth Turner, CPMC, Senior Marketing Coordinator, will rebrand the portfolio and establish a strategic marketing plan to attract the right tenants and position Weston as a credible industrial landlord in South Carolina.
LCK has been retained to provide comprehensive project management services with oversight by Dale Stigamier, CCIM, Senior Vice President of LCK. The project management firm has over 10 years of experience managing the portfolio with projects for 22 properties totaling 3.5 million square feet and $14.3 million in project volume.
The Property is already 80% occupied and ranges from Greenville to Charleston. No purchase amount had been released for the sale of the portfolio.