Fully Vacant Manufacturing and Industrial Facility

Our latest Federal Equipment auction features a fully vacant manufacturing & industrial facility. The auction takes place July 29, 2024.

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Sale Information:

Location: Lake City, SC
Sale Held In Conjunction With: Holland Industrial Group, Ten-X Commercial & Stump Corporation
Bid Online: July 29, 2024

Preview: By Appointment Only
Sale Conducted In: $USD / 18% Buyers Premium
Contact: David Winger
+1 216-536-0309

Investment Highlights:

100% vacant manufacturing or industrial facility with an advantageous geographic location in Florence County, South Carolina.
Value-add build-out opportunity to make the space meet business needs, or lease the space at market rates.
There are over 1,400 employees working in goods producing industrial within a 10-mile radius.
Quick access to the Florence Regional Airport, I-95, and I-20 connects the facility to Charleston, Wilmington, Jacksonville, and beyond.
Florence Industrial Market is healthy, boasting several sales over the past three years and an expansion in inventory.

Executive Summary:

1070 East Main Street presents investors and owners/users with an excellent opportunity in Lake City, South Carolina. The 65,667-square-foot industrial asset is perfect for a variety of businesses. With 4,982 square feet of air-conditioned office space, it can accommodate a range of industries. Previously a rubber manufacturing facility, 1070 E Main Street comes equipped with several exceptional features. Perched on 14.04 acres with 30 paved parking spaces, there is plenty of outdoor space to meet business needs. Additionally, there are 14-foot by 16-foot ceiling heights, four dock-high doors, two drive-in doors, concrete flooring, a wet sprinkler system, and a combination of LED and fluorescent lighting. This allows new ownership to pursue several different avenues for this asset. They can reconfigure the space to meet their own business needs. Move-in and construction can begin immediately after purchase because the property is delivered fully vacant. Alternatively, new owners can retain the space and rent it out at market rates.

The Florence, South Carolina, Industrial Market provides favorable conditions for industrial property owners. Within this market, logistics space is the largest subtype, with 12.8 million square feet in this category, followed by 8.6 million square feet of specialized space and 1.0 million square feet of flex space. At a combined total of 22.5 million square feet, Florence is smaller than the average industrial market. Rents are around $6.40 per square foot, which is a 5.8% increase from where they were a year ago. In the past three years, rents have increased by an astounding cumulative 30.5%.

Furthermore, this is a structurally inexpensive market, with average rents far below the national average. Currently, approximately 1.5 million square feet of inventory are under construction, representing a 6.7% expansion. The total market is 440,000 square feet larger than three years ago. There have been impressive sales in the past year, ringing in at 19. The most frequent of these transactions have been logistics space, with nine sales. This tracks with the overall mix in the market, as the subtype is the largest in Florence. Over the past three years, there have been 65 sales that have traded for approximately $188 million.The location of 1070 East Main Street provides a prime advantage. The property is positioned near Interstate 95, a boon for industrial users. Major metros like Augusta, Columbia, Charleston, and Wilmington are within a short distance. The town of Lake City is small but provides a noteworthy workforce and exudes historic charm with several restaurants, shops, and eateries. Those looking for more conveniences will find them nearby in Florence.

1070 East Main Street is an excellent opportunity for businesses looking to enter an expanding and robust industrial market.