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Value-Add Opportunity with Strong Long-Term Occupancy - Greenville, SC

 

RealINSIGHT Marketplace and Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp, are pleased to present Greenville Office Campus, a 338,362 square foot three-building office campus located in Greenville, South Carolina (the “Property” or “Properties”).  The Property’s attractive occupancy of 83% offers stable in-place cash flow. 

 

INVESTMENT HIGHLIGHTS:

Value-Add Potential: The Property is currently 83% occupied. The current vacancy allows investors the opportunity to acquire an asset below replacement cost, with upside available via leasing vacant space and implementing a unique business plan.

 

Strong Long-Term Tenancy: The Property has a favorable rollover schedule with a weighted average remaining lease term over 7 years, with only 3.5% of the NRA rolling in the first three years of the hold period.

 

Thriving Greenville Submarket: Performance metrics in the Greenville Office Market have improved significantly over the last several years, which have reflected favorably on the Property. Vacancies are at an all-time low for the market and rents have seen a consistent increase. Since 2012, rents have increased over 20%. The Greenville office market is home to over 32 million SF of office space that is collectively 92.3% leased.

 

Excellent Access and Visibility: The Property is well-located with excellent access and visibility along U.S. Highway 29. With an interchange located just south of the Property, Interstate 385 runs northwest/southwest connecting the area with the southwest metropolitan area and downtown Greenville 2.5 miles to the west.

 

EXECUTIVE SUMMARY:

The offering present investors with an exceptional opportunity to acquire a well-leased office asset located in a strong office submarket.

Situated on a 28.8-acre site, Greenville Office Campus presents a favorable rollover schedule to an investor with weighted average remaining lease term over 7 years, with only 3.5% of the NRA roilling in the first three years of the hold period.  Tenancy and term are attractive as the largest tenant, Concentrix, occupies over 60% of the asset and has an in-place lease through 2026. Concentrix’s parent company, Synnex Corporation, is a ranked Fortune 500 company listed on the NYSE (SNX).

The Property benefits from its location along U.S. Highway 29, accessibility to Interstate 385, and proximity to downtown Greenville 2.5 miles west. Located within the Greenville Office market, the Property has benefited from the submarket’s positive trending fundamentals including a decrease in the vacancy rate (to all-time lows) and rental rates consistently appreciating year-over-year. Fundamentals are supported by year-over-year employment growth for the MSA, over 5% the last three years, in conjunction with a 17 percent population increase since 2010.

 

 

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All investors who are interested in engaging Holliday Fenoglio Fowler, L.P. (“HFF”) and CW Capital Markets (“CW”) (collectively “HFF/CW”), a financial intermediary, to assist in arranging financing for the property should contact John Gavigan (jgavigan@hfflp.com / 704.526.5809) or Travis Anderson (tanderson@hfflp.com / 704.526.2806).

 

 

Throughout the marketing period, HFF will provide investors with real-time debt quotes from various capital sources.  It is to the investor’s benefit to contact Nick Matt early in the process in order to discuss all available terms, along with the advantages of engaging HFF/CW on the financing versus completing an all-cash acquisition. 

 

Benefits of Engaging HFF/CW In Arranging Financing Include:

 

  • Transparency: Continued transparency in the debt capital markets for the subject opportunity based on real time conversations HFF is having with lenders
  • Access to Property: Lender will have access to the property, post contract, to complete their diligence prior to closing
  • Financing In Place: Allows the investor to close with financing in place

 

Note: Benefits referenced above will only be made available to investors who engage HFF/CW prior to the auction start date.  It is recommended that investors contact HFF early in the process.

 

 

HFF’s Debt Placement Services

As a leading mortgage banker in the U.S., HFF’s extraordinary transaction volume provides the unparalleled capital markets knowledge necessary to develop the most creative financing strategies to meet and exceed client expectations.  Our established relationships with insurance companies, investment banks, foreign and domestic banks, a Fannie Mae lender, Freddie Mac and pension funds have allowed us to provide our clients with the most competitive terms and most reliable executions in the debt and equity market.

Loan Types HFF Assists With Include:

  • Fixed-rate loans
  • Construction loans
  • Forward loans
  • Tax-exempt loans
  • Floating-rate loans
  • Construction/permanent loans
  • Bridge/acquisition loans
  • Credit-tenant lease transactions

HFF’s 2017 Commercial / Multifamily Annual Origination Rankings per the MBA:

  • #1 Total Loan Originations
  • #1 Intermediary
  • #1 Insurance Company Originator
  • #1 Credit Company Originator
  • #1 Originator for Third Parties
  • #1 Total Direct Originations
  • #1 Seconds/Mezzanine/Preferred Equity Structures

Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.

Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.

You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.

Greenville Office Campus

2000 Wade Hampton Blvd., Greenville, SC 29615

Expired

Asset Snapshot

  • Asset Type
  • Real Estate
  •  
  • Office Type
  • Suburban Office
  • Property Size
  • 338,362 Sq Ft
  • Land Area
  • 28.80 Acres
  • Number of Floors
  • 4
  • Number of Buildings
  • 3
  • Parking Count
  • 975
  • Occupancy
  • 82.63%
  • Occupancy as of
  • Jun 30, 2018
  • Platform Fee

    Platform fee for this transaction is 5.00% or a minimum of $25,000.

  • Auctioneer

    1. Lamar P. Fisher

      Fisher Auction Company Inc.

      License: #3981

      Co: 3996