Dealmaker: CBRE Secures $56M for South Carolina Warehouse

(Gaffney Distribution Center, Gaffney, S.C.)

CBRE, Dallas, secured $55.5 million in acquisition financing for Gaffney Distribution Center, a one-million-square-foot warehouse in Gaffney, S.C.

CBRE Capital Markets’ Debt & Structured Finance arranged the loan for LRC Properties, New York, which acquired the warehouse for $80.5 million in a sale-leaseback transaction. CBRE secured a four-year floating-rate loan with an option to extend through a life insurance company.

CBRE’s Brian Linnihan, Mike Ryan, Richard Henry and Taylor Crowder represented LRC Properties in the financing, which included future funding.

“Gaffney Distribution Center is a special property with an exceptional tenant attached to it,” Linnihan said. “The tenant recently expanded this facility to meet its growth needs and is committed to the location. We were able to secure financing by facilitating a relationship between our client and a lender who was able to offer flexible loan terms with additional funding.”

Located at 34 Commerce Drive, Gaffney Distribution Center was built one mile from Interstate 85 in 1996. It expanded by 486,486 square feet in 2021.