Charleston / Columbia / Greenville / Spartanburg, SC, February 26, 2020 – Weston, Inc., a privately held industrial property owner and developer based in Cleveland, OH, has closed the purchase of the Carolina Industrial Properties portfolio previously owned by Reger Holdings LLC. The portfolio consists of 37 properties, 57 tenants and 5.5 million square feet of industrial product across 16 counties in South Carolina. The portfolio is 83% leased with an average total occupancy term of 7.7 years.
According to Costar, the transaction volume accounts for the largest single acquisition of properties within South Carolina in at least ten years. Weston is now one of the largest privately-owned real estate investors in the state.
“We are thrilled to strengthen our presence in South Carolina,” said TJ Asher, President, Weston Acquisitions/Development Group. “Adding this portfolio to our current holdings brings our total ownership in the state to 7 million square feet of industrial real estate. At the center of our mission is an unwavering and uncompromising focus on customer service. We are confident in our partnership with the Colliers and LCK team to establish our foothold in the state and invest in tactical relationships to grow our business.”
Weston hired Colliers International | South Carolina and LCK to handle brokerage, marketing, accounting, property management and project management for the portfolio which includes a team of 40 professionals across the firm’s Columbia, Charleston, Greenville and Spartanburg offices.
Brokerage efforts for the portfolio will continue to be spearheaded by Chuck Salley, SIOR, Dave Mathews, SIOR, Thomas Beard and John Peebles. “Colliers’ presence in every major industrial market in the state creates a platform for a natural partnership with Weston,” said Salley, Vice President and Director of Industrial Brokerage Team in Colliers | South Carolina’s Columbia office. “The collaboration of our brokerage, marketing, accounting, property management and project management teams among our four offices in South Carolina allows for a seamless transition to the new ownership. We helped build this portfolio from the ground up with the Reger Holdings team and we look forward to celebrating the continued success of the portfolio for Weston.”
“Reger Holdings is grateful to Chuck Salley and the Colliers and LCK teams for nearly a decade of hard work building and stabilizing this portfolio,” said Gordon Reger, Chairman and Chief Executive Officer of Reger Holdings LLC. “We are looking forward to continuing to invest in South Carolina real estate in other ways, including student housing, office properties and more.”
Debbie Lane, CPM, Senior Vice President of Real Estate Management Services (REMS) for Colliers | South Carolina will oversee the property management of the portfolio. Neil Jones, CPA, Chief Financial Officer, will manage the accounting for the properties.
Liz McCary, Vice President of Marketing | South Carolina, and Elizabeth Turner, CPMC, Senior Marketing Coordinator, will rebrand the portfolio and establish a strategic marketing plan to attract the right tenants and position Weston as a credible industrial landlord in South Carolina.
LCK has been retained to provide comprehensive project management services with oversight by Dale Stigamier, CCIM, Senior Vice President of LCK. The project management firm has over 10 years of experience managing the portfolio with projects for 22 properties totaling 3.5 million square feet and $14.3 million in project volume.
Colliers International | South Carolina has over 150 staff members, including 65 licensed real estate professionals, covering the entire state with locations in Charleston, Columbia, Greenville and Spartanburg. Total 2019 brokerage volume exceeded $419 million, which included over 452 sales and leasing transactions. In addition to traditional commercial real estate representation services for our clients, the company is actively engaged in Corporate Solutions and Healthcare Services. Colliers International is an Accredited Management Organization (AMO) through the Institute of Real Estate Management (IREM) and is the largest manager of commercial real estate properties in South Carolina, with a portfolio of nearly 14 million square feet of office, industrial, retail and healthcare properties. Colliers International’s staff hold 44 professional designations, the most of any firm in South Carolina. Colliers | South Carolina’s partner, LCK, provides project management services for new facilities and renovations across South Carolina.
Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn.
As one of the region’s largest privately held industrial property owner and developer, Weston owns a national industrial real estate portfolio of approximately 22 million square feet serving over 750 tenants. For nearly 50 years, it has exhibited experience and expertise in the areas of building ownership, development, acquisitions, facilities management, tenant services, financing, and leasing. Since its inception, Weston has been a leading choice of businesses with a distinctive vision of their real estate goals who seek flexible, practical solutions to their space needs offering a broad spectrum of commercial real estate services including acquisition, leasing and management services.
For Further Information Contact:
Liz McCary, Vice President of Marketing
Colliers International | South Carolina