Real Estate Capital Partners has closed on the first two buildings of the brand new three-building Adidas Distribution Center in Spartanburg (Greenville), South Carolina on behalf of IVG Institutional Funds GmbH.

 

The three-building complex, strategically located along I-85, consists of two state-of-the-art bulk distribution warehouses and a customer service facility totaling 1,962,293 square feet. The property will serve as Adidas’ primary U.S. apparel and footwear distribution center, combining several other existing facilities including those that serve Reebok, a recent Adidas acquisition.

 

“The acquisition of the new Adidas Distribution Center allowed us the exceptional opportunity to add another strong, long-term tenant to the IVG portfolio.  Adidas has shown a strong commitment to the Greenville area and this site in particular, and we look forward to this new center serving as their distribution hub for many years to come,” said Michael Fruchtman, Director of Commercial Investments for Real Estate Capital Partners. “This purchase also allowed us to further our relationship with one of the premier developers in the southeast United States.  H+M Development Co. has provided a first-class facility, consistent with their reputation, and we look forward to continuing the superior rapport they have begun with Adidas.”

 

The complex, which is 100% leased to Adidas under two separate long-term leases, will be fully operational by Fall 2009.

 

Jeffrey Shell and John Ecclestone of Cushman & Wakefield of Michigan, Inc. represented the seller.