Caterpillar Inks Lease for 168,000-SF Facility

(To read more on the industrial market, click here.)

GREENVILLE, SC-Caterpillar, Inc. has inked a deal with Wells Real Estate Funds to occupy a 168,000-sf industrial facility in the suburb of Fountain Inn. The financial terms of the lease, which runs through 2011, were not released.

Caterpillar’s lease becomes effective Jan. 1, according to Wells’ website. “We feel the value of this property is enhanced with a tenant such as Caterpillar under lease,” says Patti Morris, Wells regional manager, asset management, in a statement, ” and this only strengthens the positioning of the property for either holding or a possible sale.”

A Wells spokeswoman tells GlobeSt.com that Wells is not actively marketing the Caterpillar warehouse at this time.

The industrial asset, located at 111 Southchase Blvd., is jointly owned by three Wells investment funds. The facility was built in 1989 and Wells acquired took title to the property in 1999. Eybel Cartex, a manufacturer of auto seats, was the most recent tenant, Wells adds.

Wells owns three other assets in South Carolina: a 787,000-sf, two-building class A property in Duncan; a 165,000-sf , three-story class A build-to-suit for Citifinancial in Fort Mill; and a 180,00-sf, five-story class A property completed in July as a build-to-suit for Decision One in Lancaster. The Duncan property is occupied by BMG Direct Marketing and BMG Music.