Mar
20

Greenville Office Portfolio Sold for $58.2 Million

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Cushman & Wakefield | Thalhimer, announced today that its Capital Markets Group has represented Highwoods Properties in the sale of an office portfolio comprised of eight class A office buildings totaling 686,680 SF located among two of the top suburban office parks in the Greenville, South Carolina market.

This value-add portfolio consisted of six buildings within Patewood Business Park totaling 448,505 SF and two buildings within Brookfield Corporate Center totaling 238,175 SF. Patewood Business Park was 71% leased to 17 tenants at the time of sale, including prestigious national tenants such as Flour, Ogletree Deakins, and Mustang Engineering. The two buildings at Brookfield Corporate Center were 66% leased at the time of sale to four tenants including Metlife and GE Gas Turbines.

The buyer was Garrison Investment Group, LLC, a private equity firm located in New York City with real estate holdings throughout the US. Garrison Investment, LLC also owns other properties in South Carolina, including the Columbia Marriott, a Holiday Inn Express in Charleston, Westmark Plaza in Sumter and Berkeley Place in Bluffton.

The purchase price was $58,200,000. No cap rate was reported

 

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