CBRE Secures Equity Placement for Two-Building, Speculative Industrial Development in Southwest Charlotte Metro Suburb

CBRE has secured a limited partnership equity placement totaling $11.1 million for the development of Waterford Business Park, a two-building, speculative industrial development totaling approximately 240,000 sq. ft., in Rock Hill, South Carolina.

The developer, Charlotte-based Selwyn Property Group, in partnership with Irvine, California-based CIP Real Estate, broke ground on the 25-acre site at 656 Red River Road last week.

CBRE’s Patrick Gildea, Rob Hardaway, Matt Smith, Grayson Hawkins, Trey Barry and Frank Fallon represented the sponsor, Selwyn Property Group, in the equity sourcing.

“Institutional capital is becoming increasingly more discerning with regard to location and functionality of product. However, we continue to see strong interest from capital for speculative industrial development in proven locations with tenured developers,” said Patrick Gildea, a Vice Chairman with CBRE in Charlotte.

Located less than 1.5 miles northeast of the intersection of Dave Lyle Blvd. and I-77, the planned development will consist of two approximately 120,000-sq.-ft. industrial facilities. The buildings are designed for single-tenant use but will be able to be subdivided for multi-tenant use as well. The facilities are slated to deliver in the fourth quarter of 2024.

The Charlotte metro recorded over 18.2 million sq. ft. of industrial product under construction at the end of the second quarter of 2023, according to CBRE Research. York County ended the quarter with 1.87 million sq. ft. under construction.