PCCP LLC and Panattoni Development Co. have teamed up to develop Tyger Ridge Logistics Center, a 1.5 million-square-foot logistics park in Duncan, S.C. The 136-acre speculative project is slated for delivery in the second quarter of 2023.
The partners are planning to build three warehouses at 2000 Victor Hill Road. Buildings 1 and 2 will offer 135,200 square feet and 368,280 square feet, respectively. Building 3 will span 498,960 square feet, and will be expandable up to 997,920 square feet. Plans for the smaller facilities call for 32-foot clear heights and rear loading options, while the larger warehouse will feature 40-foot clear heights and crossed-dock loading.
Tyger Ridge Logistics Center will take shape at a site just off Interstate 85, within the Greenville-Spartanburg metro. Inland Port Greer is within approximately 5 miles from the upcoming park, while Greenville-Spartanburg International Airport is approximately 6 miles to the west. The development is also within 3 miles from a 7 million-square-foot BMW Manufacturing Campus.
PCCP and Panattoni Development Co. are long-time partners, having collaborated on more than a dozen projects. In March of last year, the companies began work on another 731,000-square-foot Class A warehouse in Hagerstown, Md., after acquiring a 90-acre development site.
An industrial hotspot
The partnerships’ most recent project is situated in one of the best-performing southeastern industrial markets. According to a JLL 2021 third-quarter report, vacancy in the Greenville area was tight at 4.8 percent, marking a 170-basis-point decrease from the beginning of 2021. Spurred by the expansion of e-commerce, demand for industrial product in the region continued to grow. As of the third quarter, the metro had 18 facilities under construction, representing 4.5 million square feet of industrial space, the same report shows.
The Upstate market has kept its momentum going into 2022, with new investors selecting Greenville-Spartanburg for their speculative industrial projects. Just recently, Rockefeller Group announced its first development in the region. The company is planning an 827,000-square-foot industrial park in Duncan. The project is slated for completion in the fourth quarter of this year.