Distribution Center in South Carolina Sells for $13.8 Million
Greenville, SC, September 2015 - TIC Properties Management, LLC ("TICPM") announces the sale of the Duncan Distribution Center in Duncan, SC for $13.8 million. The 307,840 square foot industrial property is currently leased to a single, long-term tenant. The distribution center was acquired by affiliate, TIC Properties, LLC, in 2007 as a tenant-in-common structured investment for $12.3 million. TICPM has since handled the asset and property management responsibilities of the property for the 20 investors with ownership interest in the property.
“The owners enjoyed 100% occupancy during their ownership period as a result of the leasing efforts of TICPM,” says CEO and founder, John Boyd. “This allowed for uninterrupted distributions through the Great Recession. As the economy recovered, they were able to capitalize on a strong sales market that produced numerous qualified offers.”
Following the sale, TIC Properties, LLC and its affiliate, Banker Exchange, LLC, have assisted multiple Duncan investors who chose to conduct 1031 exchanges and seek replacement investment property. A 1031 exchange is a transaction that allows an investor to sell an investment property or property for productive use in trade or business, and reinvest the proceeds in a replacement property, deferring capital gain taxes.
About TIC Properties Management:
TIC Properties Management, LLC (“TICPM”) is a full service real estate management company specializing in asset and property management of tenant in common, partnership, and investment fund owned properties. Having experienced several real estate cycles, TICPM's team of industry veterans specialize in the refinancing, leasing and disposition of properties. Our focus is the preservation of capital, increasing the value of the property and providing current income from those investments.