Description

Jones Lang LaSalle Americas, Inc. ("JLL"), as exclusive advisor, has been retained to market the opportunity to acquire the fee simple interest in Spartan Enterprise Park (the "Portfolio" or “Offering”), two (2) Class A logistics facilities totaling 1,334,270 square feet in the fundamentally resilient Greenville-Spartanburg industrial market. Currently 100% leased to four (4) tenants with 4.5 years of WALT, the Project provides investors with durable in-place cash with steady contractual yield expansion via 3.1% weighted average annual escalators. Built in 2024, Spartan Enterprise Park features an abundance of institutional-quality features including 36-40’ clear heights, ESFR sprinklers, motion-activated LED lighting, among many others.

The Portfolio is anchored by Exel Inc., a division of DHL Group (XETRA: DHL; S&P: A-), one of the world's largest third-party logistics providers (3PL), providing domestic distribution operations for First Solar (NASDAQ: FSLR), one of the largest solar manufacturers in the Western Hemisphere. DHL's operations directly support First Solar's new 10-year lease at Cherokee Commerce Center, located less than fifteen (15) miles away, establishing Spartan Enterprise Park as an essential component of First Solar's domestic supply chain infrastructure.

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Attributes

Number of buildings

Rentable area

1,334,270 sf

Occupancy

100%

WALT

4.5 years

Year built

2024

Media

Investment Highlights

IMMEDIATE CASH FLOW STABILITY WITH STEADY CONTRACTUAL GROWTH

• 100% leased to four (4) tenants with 4.5 years of WALT

• Embedded yield expansion via 3.1% weighted average annual escalators

• All Fair Market Value (FMV) renewal options allowing investors to capitalize on future rent growth in the Greenville-Spartanburg industrial market

DIVERSE TENANT ROSTER FEATURING INVESTMENT-GRADE CREDIT

• 75% of the Portfolio is leased to Exel Inc., a division of world-leading logistics provider DHL Group (XETRA: DHL; S&P: A-), on a fresh five-year renewal with two (2) remaining FMV renewal options, demonstrating strong commitment to Spartan Enterprise Park

• DHL operates domestic distribution operations for First Solar (NASDAQ: FSLR), a global solar manufacturing leader with $5.2 billion in 2025 net sales, following their recent 10-year lease signing at Cherokee Commerce Center 85 ($330M+ tenant investment) located approximately 14.7 miles away

• Spartan Enterprise Park serves as Georgia-Pacific LLC's (S&P: A+) second facility in the Greenville-Spartanburg market, expanding distribution reach across the Carolinas, Georgia, and Virginia

VALUABLE TAX INCENTIVES

• 30-year fee in Lieu of Tax (FILOT) agreement that fixes the property tax obligations for the life of the incentive

• Issuance of new FILOT incentive agreements have recently been curtailed in Spartanburg County and the greater South Carolina region, making existing FILOT agreements exceptionally valuable for long-term ownership

INSTITUTIONAL-QUALITY CLASS A CONSTRUCTION

• The first two (2) buildings to deliver at Spartan Enterprise Park, a 300-acre master planned industrial park

• Concrete tilt-wall construction featuring 36-40' clear heights

• Rear and cross-dock loading with ESFR sprinklers and motion-activated LED lighting

• Double row auto parking with 211 trailer storage positions (Building 1)

ADVANTAGEOUS LOGISTICS LOCATION

• Strategically located within two (2) miles of I-85, the industrial backbone of the Southeast that provides access to the major growth markets of Atlanta to the south and Charlotte, Greensboro-Winston-Salem, Raleigh-Durham and Richmond to the north

• Positioned less than eight (8) miles from I-26, providing direct connectivity to the Port of Charleston (±208 mi) and access to the major transportation thoroughfares of I-40, I-20, and I-95

• The Portfolio features seamless connectivity to the entirety of the Greenville-Spartanburg MSA and its key demand drivers, located within a thirty (30) minute drive of both Inland Port Greer and Greenville-Spartanburg International Airport (GSP)