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Ohio developer purchases 37-property S.C. portfolio

Staff Report //February 27, 2020//

Ohio developer purchases 37-property S.C. portfolio

Staff Report //February 27, 2020//

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Cleveland developer Weston Inc. has purchased the 37-property Carolina Industrial Properties portfolio previously owned by New York-based Reger Holdings LLC.

The portfolio includes 57 tenants and 5.5 million square feet of industrial product across 16 S.C. counties. It is 83% leased with an average total occupancy term of 7.7 years, according to a news release from Colliers International, which brokered the transaction.

According to commercial real estate data provider CoStar, the transaction represents the largest single acquisition of properties in the state in at least 10 years, Colliers said, and makes Weston one of the state’s largest privately owned real estate investors.

“We are thrilled to strengthen our presence in South Carolina,” TJ Asher, president of Weston's acquisitions and development group, said in the release. “Adding this portfolio to our current holdings brings our total ownership in the state to 7 million square feet of industrial real estate. … We are confident in our partnership with the Colliers and LCK team to establish our foothold in the state and invest in tactical relationships to grow our business.”

Weston hired Colliers International South Carolina and Columbia-based property management firm LCK to handle brokerage, marketing, accounting, and property and project management for the portfolio. Brokerage efforts for the properties will continue to be led by Colliers’ Chuck Salley, Dave Mathews, Thomas Beard and John Peebles.

“Colliers’ presence in every major industrial market in the state creates a platform for a natural partnership with Weston,” said Salley, vice president and director of the industrial brokerage team in Colliers South Carolina’s Columbia office. “The collaboration of our brokerage, marketing, accounting, property management and project management teams among our four offices in South Carolina allows for a seamless transition to the new ownership. We helped build this portfolio from the ground up with the Reger Holdings team and we look forward to celebrating the continued success of the portfolio for Weston.”

In July, Colliers represented Carolina Industrial Properties in the lease of 44,479 square feet of industrial space in Ridgeway to QuaLex Manufacturing LLC.

Debbie Lane, senior vice president of real estate management services for Colliers South Carolina, will oversee the portfolio’s property management. CFO Neil Jones will manage accounting for the properties. Liz McCary, vice president of marketing, and Elizabeth Turner, senior marketing coordinator, will rebrand and market the properties.

Dale Stigamier, LCK senior vice president, will oversee project management services for the portfolio.