Phase 1 of the Apple Valley Industrial Park in Duncan is now 100 percent leased, with the recent commitment of more than 75,000 square feet by an automotive supplier.
The tenant leased space in the same industrial park two years ago. CBRE’s Marcus Cornelius and Broadstreet Partners’ Ryan Koop represented Panattoni in the lease transaction.
Panattoni Development has also broken ground on Phase 4 of the industrial park, with construction expected to be completed by the first quarter of 2020. Phase 4 includes two speculative buildings – approximately 195,000 square feet and 327,670 square feet.
The completion of Phase 4 will bring the Apple Valley Industrial Park to a total of six buildings with more than 1.4 million square feet.
Where is Apple Valley Industrial Park?
Apple Valley Industrial Park represents a mixture of build-to-suit and speculative
development. It is located in the Spartanburg West submarket, less than two miles from Interstate 85 and approximately five miles from the inland port.
The success of the inland port has led to large speculative developments in the market being quickly absorbed, establishing a new expectation for investors and developers.
“Speculative development demand in and around the Greenville-Spartanburg area remains strong, but the real key to success is location,” Cornelius said. “The proximity to BMW, the inland port, and key infrastructure, along with high-quality building features, make Apple Valley Industrial Park extremely attractive and a proven success for Panattoni and the overall market. ”
According to CBRE research, over the last four years the Greenville-Spartanburg market has averaged more than 250,000 square feet of speculative absorption per quarter, and that number has escalated to more than 400,000 square feet per quarter since the start of 2018.