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GTIS Partners, Collet Industrial announce $140M venture in Greenville

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The Willimon Business Park buildings will be on the eastern edge of S.C. Technology Aviation Center, one of the largest business parks in the state with more than 110 companies. (Photo/Provided?GTIS Partners announced a joint venture today with Collett Industrial to buy and develop two projects in Greenville that the firms say have a total capitalization of $140 million.

The adjacent projects are within the same Opportunity Zone on the eastern edge of the S.C. Technology & Aviation Center. One of the projects, Willimon Business Park, has executed leases or letters of intents with tenants totaling approximately 520,000 square feet for long term occupancy at the project, according to a news release.

GTIS is a global real estate firm and Collett is an industrial developer headquartered in Charlotte.

The development projects will total nearly 1.2 million square feet of industrial space when completed, the news release said.

The developers liked the location because they are centrally located on the East Coast, offering greater access around Greenville, and to Charleston, Atlanta, Charlotte, Raleigh and Durham. They also cited proximity to the Port of Charleston and the region’s history of manufacturing.

“Fueled by the ongoing growth of ecommerce and onshoring, the demand for industrial warehouses remains strong, and we are excited to continue our expansion in the sector in partnership with the team at Collett Industrial,” Robert McCall, a senior managing director at GTIS Partners, said in the release. “With a focus on Opportunity Zone properties specifically, we are also pleased to bring more jobs and economic opportunities to these communities and look forward to encouraging development across the region.”

Headquartered in New York, GTIS Partners manages $4.7 billion in gross assets and is active across a range of real estate sectors including single family and multifamily housing, office, industrial/logistics and hospitality as well as opportunity zone investments.

Collett Industrial is a development and acquisition platform focused on industrial properties in the Southeast. Collett Industrial is a subsidiary of Collett. Collett Industrial’s portfolio consists of nearly 3 million square feet of completed or planned industrial space.

“We’re excited to continue our investment in the GSP market alongside our partners at GTIS,” Teddy Hull, a principal at Collett Industrial, said in the release. “The success we’ve seen at Willimon Business Park to date is testament to the numerous competitive advantages across GSP, including a strong labor force and commitment by local municipalities and the Greenville Area Development Corporation to attract and retain quality businesses.”

With these two new projects, GTIS’ global industrial portfolio encompasses 13 million square feet with a total project cost of $1.25 billion across 14 projects, the release said.

Reach Ross Norton at 864-720-1222.

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