C&W Exceeds Expectations in Distribution Center Sale
Developed by the Rockefeller Group Development Corporation and MeadWestvaco Corporation, the TBC Distribution Center is a 1.1-million-square-foot build-to-suit distribution center for TBC Retail Group, a leading tire marketer in the United States. While a subsidiary of the Sumitomo Corporation, the tenant itself had non-rated credit and no guaranty from its parent, presenting a substantial hurdle for many investors focused on surety of income. Furthermore, the facility's location near the Port of Charleston, an emerging East Coast port market, required significant market research and investor education regarding the future demand patterns of the Port and the Charleston industrial market.
Cushman & Wakefield focused investor attention on the underlying strength of the tenant as well as the significant potential upside of an early position in an East Coast port market with significant long-term strategic advantages. Our team emphasized TBC's deliberate decision to locate near the Port of Charleston, a major delivery point for its supply chain, and marketed the significance of the build-to-suit "story" as proof of the tenant's commitment. Furthermore, the team highlighted the strong Port of Charleston story and growing industrial market along the I-26 Corridor with in-depth market research supported by "boots-on-the ground" insight from local Cushman & Wakefield leasing professionals.
Cushman & Wakefield created a multi-disciplined execution team that included executive-level leadership that provided unmatched access to investors at the highest levels of their organizations. This cohesive transaction team conducted a four-week comprehensive marketing campaign that generated nearly 100 registrations and 21 offers in a highly competitive process. Final pricing exceeded client expectations and yielded the lowest cap rate ever achieved in the Charleston industrial market.