CoStar News: Viking Warehouse Facility Sold for Redevelopment

Viking Warehouse Facility Sold for Redevelopment
354,000-SF Facility is Largest Block of Vacant Space in Spartanburg Since 2010
By Nadia Chowbay
November 11, 2014

Alliance Partners HSP LLC, a Philadelphia-based real estate investment firm, purchased the industrial facility at 2071 Fryml Dr. in Spartanburg, SC for redevelopment. This building is the largest block of space to become available in Spartanburg County since Adidas moved into its new 1.1 million-square-foot facility in 2010, vacating 512,000 square feet on N. Blackstock Rd.

The two-building Viking Warehouse Facility, totaling 353,616 square feet, was constructed between 1968 and the late 1970s. It was mostly vacant during the last three years, after tenants including Hubbell Lighting and Kohler consolidated to other warehouses during the economic downturn in 2008-2009.

Viking Warehouses owned the property for more than eight years; four of those years were spent working with the South Carolina Department of Health and Environmental Control (SCDHEC) to close two wastewater lagoons that existed on-site when Viking purchased the property.

Bobby Lyons of Lyons Industrial Properties took on the marketing and disposition of the property back in March 2013. After several out-of-stare investment groups had the property under contract with potential redevelopment plans during most of 2013, Lyons Industrial connected with Alliance in late November 2013. Padgett spearheaded the project after Viking Warehouses allowed Alliance HSP Spartanburg the necessary time required to work through a Non-Responsible Party Voluntary Cleanup Contract (NRP-VCC) agreement with SCDHEC. It then went under contract on December 27, 2013 and finally closed October 7, 2014.

The new owners plan a major redevelopment of the property, to include class A upgrades, new lighting, roofing, electricity and loading docks.

Alliance Partners was self-represented in this $1.1 million sale, while Adam Padgett and Bobby Lyons at The Lyons Group exclusively represented the seller.

Please see CoStar COMPS #3145622 for additional information on this transaction.

The sale is Lyons Industrial Properties’ most recent successful transaction. The local industrial brokerage and development firm focuses solely on leasing, sales, and development of industrial warehouses and manufacturing facilities in Upstate SC, having collectively leased and sold over 1.35 million square feet of industrial space to date.