News Trinity Partners Closes Sale of Trinity Commerce Center

Mar 7, 2013
Trinity Partners Closes Sale of Trinity Commerce Center

Charlotte, NC – March 7, 2013 – Trinity Partners is pleased to announce the sale of 1312 Old Stage Road, a multi-tenant distribution center in Greenville, South Carolina. One of Trinity Commerce Centerthe building’s tenants, Sunland Distribution, purchased the building for an undisclosed sum.

Trinity Partners’ Director of Investment Sales, Dunn Mileham, represented the building’s owner, Trinity Capital Advisors, in the transaction. Originally a distribution center for Pillowtex, the building was vacant when Trinity Capital purchased the property in 2007. Trinity Capital successfully converted the asset into a functional 607,400 square foot multi-tenant warehouse. The building is currently 100% occupied by two tenants, including Sunland Distribution which operates the country’s largest Scotts Miracle-Gro distribution center from the property.

“1312 Old Stage Road was very well received by the investor community,” Mileham said. “The sellers executed a successful repositioning of the asset and achieved 100% occupancy during a challenging market, so this story resonated extremely well with investors eager to deploy capital in growing secondary markets. However, credit goes to the Sunland team for recognizing the mission-critical nature of the facility and purchasing the property.”

Mileham notes an uptick in market activity, as indicated by Trinity Partners Investment Sales team’s recent activity. “We continue to see interest in the Charlotte market from both existing investors and, perhaps more importantly, new entrants to our market,” Mileham said. “We are actively marketing six opportunities of various product types and are pleased with the overall direction of the market.”