US property manager PRP buys $119m distribution centre

US real estate manager PRP has bought a fully-leased 1.4m sqft distribution centre in South Carolina for £119.5m (EUR103m). The acquired property, located in Greenville-Spartanburg, was completed this month and is leased to Techtronic Industries. PRP said the acquisition is the first closing of a larger national portfolio transaction between PRP and developer CRG that will include over 4.5m sqft of logistics properties valued in excess of £400m.

Joseph Neckles, PRP’s managing director and head of net lease investments, said: “This acquisition meets all of PRP’s most important investment criteria including new construction, a long-term net lease, a high investment-grade credit quality tenant and location within a strong US logistics market.

“We are thrilled to have worked with CRG on this first closing and look forward to closing the remainder of our broader five-property national portfolio transaction in the coming weeks.”

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