ROCK HILL, S.C., Oct. 4, 2016 /PRNewswire/ -- Pembrook Capital Management LLC ("Pembrook") closed $5.0 million of preferred equity financing for site acquisition and development of two state-of-the-art industrial distribution buildings totaling 558,000 square feet in Rock Hill, SC. The property, to be called Legacy Park West, is located just 20 miles southwest of Charlotte, NC within the thriving State Line / York County industrial submarket, which is a major force in the area becoming one of the largest industrial distribution centers in the country. Total capitalization of the development project is approximately $29.0 million.
"We're pleased to provide this preferred equity financing solution," said Stuart J. Boesky, CEO of Pembrook. "Demand for modern industrial space in this submarket remains strong. Facilities like this one help draw new business and increase commerce to the area, which in turn becomes a catalyst for further job growth. We are fortunate to be able to participate in such a transaction with a top tier sponsor."
The sponsor, a leading industrial developer that is one of the largest build-to-suit developers for FedEx in the United States, plans two modern logistics facilities featuring clear heights of 30 to 32 feet. Legacy Park West will be the first buildings developed in the planned Rock Hill Commerce Park. Its location is exceptional, adjacent to I-77 and provides outstanding access to the region's major transportation corridors. The area has already drawn large companies such as Wal-Mart, Target, Lowe's, Family Dollar, Stanley Black & Decker, Ross Stores, West Marine, General Motors, Ingersoll Rand, Rite Aid and TJ Maxx which have opened distribution centers nearby. Market conditions are very tight in this submarket with limited new supply and strong demand.
"We believe the strength of the sponsorship and submarket outweigh the fact that the buildings were not pre-leased at the time of closing. We closed into this spec construction project because we have confidence in the design of the project and the capabilities of our partner, and as we anticipated, leasing interest has been strong since we funded our investment," stated Terry Baydala, Managing Director of Pembrook.
Pembrook is a real estate investment manager that provides financing throughout the capital structure, including first mortgages, mezzanine, bridge loans, note financings and preferred equity for most property types. The firm recently announced it has originated or participated in investments totaling over $1 billion since its inception in 2007.
About Pembrook Capital Management, LLC
Founded in 2006 by Stuart J. Boesky, Pembrook Capital Management invests in and originates commercial real estate debt to finance all parts of a capital structure including first mortgages, mezzanine, bridge loans, note financings, and preferred equity across the United States. The firm invests in most commercial real estate property categories, including multifamily, office, retail and industrial. http://www.pembrookgroup.com/
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SOURCE Pembrook Capital Management LLC