Transactions - AUGUST 18, 2022

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PRP buys class A distribution center in South Carolina

by Kali Persall

PRP, an investment management firm focused on credit net-lease investments, has taken ownership of a 1.85 million-square-foot, class A distribution center development in Moore, S.C.

The state-of-the-art distribution center will include a cross-dock loading configuration, 40-foot clear heights, 338 dock doors, a 185-foot truck court and 835 spaces of excess trailer parking on 178 acres of land. Once complete, the property will be fully leased and occupied by Hart Consumer Products, a subsidiary of Techtronic Industries Co., a global consumer products company.

“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 U.S. logistics market,” said Joseph Neckles, managing director and head of net-lease investments at PRP. “This is the second logistics facility that PRP owns with Techtronic as a tenant.”

The total capi

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