We are thrilled to announce the recent acquisition of two industrial facilities.
460 Beaver Creek Dr., a 300,000-square-foot industrial facility in Martinsville, Virginia, is a mission-critical, well-located facility within a qualified opportunity zone and a great addition to the SkyREM portfolio.
The second property, located at 2251 Catawba River Rd., is a 236,000-square-foot industrial facility in Fort Lawn, South Carolina — a prime industrial facility with plenty of potential.
Spanning a total of 536,000 square feet, both facilities are situated on significant excess land allowing for expansions at both facilities, which we intend to pursue. We also plan on upgrading various parts of the facilities, including repairing the parking lots, roofs, HVAC, and plumbing systems. The Virginia facility has already undergone substantial renovations completed in 2021 with the addition of seven loading docks. We expect to have the rest of the upgrades finished by Q4.
The facilities have long-term, single-tenant leases, which present a unique opportunity for us to help those tenants grow their business as we renovate and expand the facilities. The SkyREM team worked very hard to acquire these facilities and to ensure the process was smooth and successful.
The acquisition of these facilities is part of the ongoing expansion of SkyREM portfolio. We have plans to continue this growth around the region, including further acquisitions and projects around the South Carolina, North Carolina, and Virginia areas. The team and I are really proud of SkyREM’s continued development, and we are looking forward to seeing the final results of our upcoming upgrades.