Power & Infrastructure
- Pacolet Milliken Completes First Renewable Natural Gas Investment
- Syncarpha Capital and Rosemawr announce partnership to deploy solar plus storage projects in New England
- Pacolet Milliken's Charleston International Manufacturing Center (CIMC) is now Bushy Park
- Pacolet Completes Investment in Syncarpha
- Pacolet Milliken Announces New Co-Heads For Power & Infrastructure Division
- HYDERA, a joint venture between Pacolet Milliken and OURAY, announces plans to establish operations in Berkeley County, SC
- Syncarpha Capital & Pacolet Milliken developing 74 MW community solar project portfolio in Maine
- SouthWest Water Company Announces Acquisition of Ni Pacolet Milliken Utilities
South Carolina, January 18, 2023 – Pacolet Milliken, LLC (“Pacolet”), a sustainability-focused, family-owned investment firm, today announced the consummation of a joint venture investment with Evensol LLC (“Evensol”), a leading developer of renewable biogas assets. In partnership with Duke Energy, Pacolet and Evensol’s joint venture will own and operate two renewable natural gas (“RNG”) projects at landfills in North Carolina, specifically the Upper Piedmont Renewables and Foothills Renewables projects (“UP&F”). UP&F will process landfill gas generated at the project sites and convert that gas into RNG that can then be injected into regional pipelines to supply homes, vehicles, and businesses with low carbon, renewable fuel.
Evensol, based in Sisters, Oregon, was founded in 2013 with a mission of acquiring and developing renewable biogas projects. Because of Evensol’s expertise and experience, the company was an established, attractive partner for Pacolet. “This is a compelling transaction for Evensol, and a clear indication of the strong value created with UP&F’s development and near-term operational success,” said David Wentworth, Chief Executive Officer of Evensol. “We are excited about the growth potential of partnering with Pacolet and look forward to additional future RNG projects.”
“This transaction represents a significant next step in growing Pacolet’s sustainable infrastructure portfolio and meets both our financial and ESG goals. While we own landfill gas to electricity projects, this marks our first foray into the RNG line of business” said William Crawford, Chief Executive Officer of Pacolet. “We believe that Evensol’s market-leading expertise in development, construction and operations will support Pacolet in accelerating projects across the renewable fuels landscape.”
Evensol initiated development on both the Upper Piedmont Renewables and Foothills Renewables projects several years ago and then broke ground in the fourth quarter of 2021. Once completed, both projects are expected to produce roughly 500,000 dekatherms of RNG each year. Demand for RNG continues to grow as the United States transitions to using more and more renewable fuels. This need is being addressed on a Federal level by the Renewable Fuels Standard program and by various State-level programs, such as California’s Low Carbon Fuel Standard and Oregon’s Clean Fuels Program.
“We continue to see Evensol, UP&F and future RNG developments as a blueprint for how we address environmental challenges, and at the same time, grow shareholder value. We believe this is the start of a long-standing partnership with Evensol and will actively look to pursue additional investments and projects in the RNG space,” said Lance Jordan, Chief Investment Officer of Power & Infrastructure at Pacolet.
Kirkland & Ellis LLP is serving as legal advisor to Pacolet Milliken.
ABOUT PACOLET MILLIKEN
Headquartered in Greenville, SC., Pacolet is a family-owned investment firm that owns and manages a diverse set of real estate and power and infrastructure assets located across the United States. Pacolet Power & Infrastructure owns a diverse set of power, renewables and infrastructure assets, including a regulated electric portfolio, an industrial utilities company and a substantial solar and landfill gas portfolio. Pacolet Real Estate has a national portfolio of office, retail, industrial, multi-family properties, and currently focuses on multi-family and industrial warehouse development in the Southeast, the Southwest and Southern California. In both Divisions, Pacolet seeks to positively impact the communities in which it operates and be a steward of the environment from a generational perspective.
ABOUT EVENSOL LLC
EVENSOL LLC was established to create value for its partners, investors, and project counterparties through the selective acquisition and development of renewable fuels-based energy assets, with particular focus on the biomass and biogas sectors throughout the US and abroad. Evensol’s affiliate and strategic partner Energyneering Solutions LLC (“ESI”), has been in the business since 2007 and specializes in design, construction, and operations of biogas utilization projects that collectively produce over 1 million MWh of renewable electricity and over 50 million gallons of renewable vehicle fuel every year. ESI’s engineering team has been integral in the engineering, design construction and operations of over 75 diverse biogas projects including renewable natural gas facilities, biogas-to-energy facilities, landfill gas collection and control projects, anaerobic digester projects, heat recovery and CHP projects, flare stations, and numerous other biogas and renewable fuels projects in the US, and abroad.
www.evensol.com and www.esisolutions.com
NEW YORK, July 11, 2022 /PRNewswire/ — Syncarpha Capital, LLC (“Syncarpha”) a fully integrated developer, owner, and operator of community solar, distributed generation solar and solar + storage projects and Rosemawr Sustainable Infrastructure Management (“Rosemawr”), the sustainable infrastructure investment arm of Rosemawr Management, have announced an initial $100M financing partnership to deploy solar and solar plus storage projects in Massachusetts and elsewhere in New England.
Source: Syncarpha Capital
“The deployment of shared community solar and energy storage infrastructure creates benefits for the power infrastructure and communities in the region, delivering long-term power savings to our customers and critical support to the grid through the implementation of energy storage. We are excited to be working with Rosemawr in this endeavor, and we appreciate the flexibility and creativity that their financing solution provides,” said Cliff Chapman, CEO at Syncarpha.
“Syncarpha is a longstanding, proven project developer, sponsor, and operator with industry-leading expertise in shared community solar projects, including customer acquisition and management. We are excited to help bring this portfolio to fruition as we continue to execute on our sustainable infrastructure investment deployment strategy with best in-class development and operating partners such as Syncarpha,” said Josh Herlands, Managing Partner at Rosemawr Sustainable Infrastructure Management.
Founded in 2009, Syncarpha Capital, LLC is a New York-based company dedicated to developing, acquiring, financing, owning and operating distributed generation solar, community solar and solar plus storage projects across North America. Partnering with experienced developers, installers, engineers, and EPC contractors, and working closely with its customers, Syncarpha designs and builds on-site solar systems for municipalities, utilities, and businesses – as well as developing community shared solar solutions for consumers and commercial customers. Syncarpha currently operates over 150 megawatts (MW) of ground mounted and rooftop solar assets in ten different states. In February 2022, Syncarpha completed a sale of equity to Pacolet Milliken, LLC, its longstanding third-party capital partner, which resulted in Pacolet becoming the largest shareholder of Syncarpha. Pacolet is a private investment firm owned by the Milliken family, which invests in power, infrastructure and real estate assets. To learn more about Syncarpha, please visit www.syncarpha.com and to learn more about the firm’s community solar offerings, please visit www.syncarpha.solar. To learn more about Pacolet Milliken, please visit https://pacoletmilliken.com.
Rosemawr is an established investment firm focused on the sustainable infrastructure, municipal, not-for-profit, and charter school sectors. Rosemawr was founded in 2008 and currently has approximately $1.3 billion in assets under management. The firm’s sustainable infrastructure portfolio currently includes investments in over 90 solar energy projects located across 14 states, plus numerous investments across property assessed clean energy (PACE), wind energy, and other technologies. For more information, visit www.rosemawr.com and for inquiries please contact firstname.lastname@example.org.
SOURCE Rosemawr Management LLC
March 15, 2022 – Pacolet Milliken’s Charleston International Manufacturing Center (CIMC) is now Bushy Park. This full-service industrial park was previously known and recognizable as Bushy Park for many years before its name changed to CIMC. Kent Fonvielle, President of Bushy Park, indicated that a public announcement made last week included the name change, the introduction of a new logo, and the launch of a new website and updated marketing materials.
These changes occurred as the result of a well-thought-out strategy to capture and communicate all of the changes that have occurred at the site over the last couple of years and there have been many. Cody Baker, VP Manufacturing & Business Development led the initiative which began as an effort to update all marketing materials associated with the industrial park. Pacolet Milliken leadership and others within Pacolet along with key external stakeholders were involved in the process.
Below is a short list of key things to know:
Bushy Park’s email domain name will be changing from @crp.us.com to @bushyparksc.com.
The new website address will be www.bushyparksc.com.
Cooper River Partners (CRP) will continue to be the legal operating company. However, the external facing brand will be the Bushy Park name and logo. The new logo will be on company business cards, company trucks, letterhead, and company apparel.
The new email address format for CRP employees will be email@example.com. No worries if you use the old crp.us.com domain, it will still be forwarded to the individual.
The new name and logo will be announced through prepared notices that will be mailed out, along with social media releases planned for Linked In, and local business news outlets as well. So be on the lookout for some of these announcements.
Join us in congratulating our Bushy Park team on this name change and new brand!
FOR MORE INFORMATION PLEASE CONTACT:
Cody Baker, Vice President Manufacturing & Development, Bushy Park
Andrena Powell-Baker, Director of Communications, Pacolet Milliken
South Carolina and New York, February 28, 2022 – Syncarpha Capital, LLC (“Syncarpha”), a leading developer, long-term owner and operator in the distributed generation space focused on solar and storage, and Pacolet Milliken, LLC (“Pacolet”), a sustainability-focused, family-owned investment firm, today announced that Syncarpha has received a capital investment from Pacolet to accelerate the scaling of its renewable energy and storage platform in order to meet the growing clean power needs in North America.
Syncarpha is a New York-based renewable energy company dedicated to developing, owning and operating commercial and industrial, community solar and small utility-scale photovoltaic (PV) solar energy systems and battery storage systems throughout the United States. Co-founded by Cliff Chapman and Richard Turnure, the firm was launched to capitalize on the tremendous opportunities in the alternative energy sector and to create a vehicle for investing in assets with long duration, excellent credit quality and high risk adjusted returns.
“This is a compelling transaction that leverages our longstanding, successful relationship with Pacolet and helps position Syncarpha for substantial growth of its future project development pipeline, as well as execution of our near-term pipeline,” said Cliff Chapman, Chief Executive Officer of Syncarpha. “Syncarpha has a twelve-year track record of successfully developing solar and storage projects and bringing them online, on time and on budget. Pacolet has partnered with Syncarpha on substantially all of those opportunities and fully understands what it takes to be successful in today’s solar and storage market”.
“This transaction represents a significant next step in growing Pacolet’s sustainable infrastructure portfolio and meeting both our financial and ESG goals,” said William Crawford, Chief Executive Officer of Pacolet. “Looking ahead, we plan to dramatically scale the work we’re doing with our current and future partners as we all transition to a more sustainable, resilient and equitable future.”
Syncarpha began developing projects in 2009 with a focus on markets with net metering programs. Following the completion of its first five projects in New Jersey, Syncarpha became a first mover in the Massachusetts market, where the Company developed projects in the SREC I and II programs. As programs and policies progressed in other states, Syncarpha started developing in Arizona, North Carolina, Vermont, Nevada, New York and South Carolina. In the last few years, Syncarpha has also expanded into New Mexico and Minnesota and built solar plus storage projects under the Massachusetts SMART program. Most recently, Syncarpha has developed a significant portfolio of projects in Maine’s community solar program and expects to achieve commercial operation at the initial projects shortly.
“This latest investment is built on a long-term successful partnership we have had with Syncarpha. Syncarpha has been a great partner, and we continue to see our relationship strengthening as they grow the business and successfully execute their development goals,” said Ralph Walker, President of Energy Infrastructure at Pacolet. “Syncarpha has developed and constructed nearly 50 projects in its history, which today operate in ten states across the U.S. As a result, it has developed a deep understanding of markets, incentives, rules and regulations, and is well positioned as an early mover in emerging US markets.”
“Syncarpha’s sustainability goals align with our own, and it is a company that we are proud to be investing in. Having looked at a number of developers in the market and with our own experience developing solar and storage assets over the last few years, we feel Syncarpha is extremely well positioned amongst its peers and poised for growth. We look forward to our successful future together,” said Lance Jordan, SVP of Infrastructure Investments at Pacolet.
About Syncarpha Capital
Syncarpha currently operates 152 megawatts (MW) of ground mounted and rooftop solar assets in New Jersey, Massachusetts, New York, North Carolina, South Carolina, Nevada, Vermont, Minnesota, New Mexico and Arizona. Syncarpha developed and sold an additional 15 MW of ground-mounted solar assets in Massachusetts & New Jersey. Syncarpha has additional 30 MW of projects currently under construction in Massachusetts, Maine, and New Jersey.
Partnering with experienced solar developers, installers, engineers and EPC contractors, Syncarpha designs and builds on-site solar systems for municipalities, utilities, and businesses. The goal is to minimize risk and maximize return in an arrangement where total project success benefits all parties.
About PACOLET MILLIKEN
Pacolet is a leader in the institutional management of private investment capital. Headquartered in Greenville, SC., Pacolet is a family-owned firm that directly owns and manages real estate, and energy and infrastructure assets located across the United States. Pacolet Energy/Infrastructure owns a diverse set of power, renewables and infrastructure assets, including a regulated electric portfolio, an industrial utilities company and a substantial solar and landfill gas portfolio. Pacolet Real Estate has a national portfolio of office, retail, industrial, multi-family properties, and currently focusses on multi-family and industrial warehouse development in the Southeast, the Southwest and Southern California. In both Divisions, Pacolet seeks to positively impact the communities in which we operate and be a steward of our environment from a generational perspective.
Greenville, South Carolina – Pacolet Milliken, LLC, a sustainability-focused, family-owned investment firm, today announced the appointment of Lance Jordan and Kent Fonvielle as Co-Heads of Pacolet’s Power & Infrastructure Division (formerly known as Energy/ Infrastructure). Mr. Jordan will be responsible for Investments, Mr. Fonvielle will be responsible for Operations and the oversight of the Division’s operating subsidiaries, including Bushy Park, Hydera and Lockhart Power.
Prior to joining Pacolet in 2021, Mr. Jordan was responsible for the US operations of Cubico Sustainable Investments, where he led investment and monetization transactions in solar, wind, battery storage and other renewable technologies. Prior to Cubico, he was a Senior Vice President at Goldman Sachs in its Natural Resources Investment Banking Group where he led sell-side, acquisition and financing transactions in the alternative energy, clean technology and industrial sectors.
Mr. Fonvielle joined Pacolet in 2019 as President of Bushy Park. Prior to that point, Mr. Fonvielle had three decades of utility industry experience, including as the Head of the South Region of MISO, a regional transmission grid operator. Prior to MISO, Mr. Fonvielle held various roles at Duke Energy and Progress Energy, from engineering and operations to regulatory affairs.
These appointments come as a result of the retirement of Ralph Walker, who joined Pacolet in 2012 as the President of its Power & Infrastructure Division. During Mr. Walker’s tenure, Power & Infrastructure increased in value over 18 times, growing from a nascent division with a small regulated electric utility: Lockhart Power, to a more diversified power and infrastructure company that includes a substantial nationally-located solar and landfill gas portfolio, increased hydro-electric generation, a larger, more robust Lockhart Power, Bushy Park Industrial Complex, and formerly the largest private wastewater utility in South Carolina (Ni Pacolet, which was sold in 2020).
William Crawford, CEO of Pacolet remarked, “It is with a mixture of celebration and sadness that I announce the retirement of Ralph Walker. Ralph has led our Power & Infrastructure Division since January 1, 2012 and has achieved, by all accounts, exceptional results. He is also a very respected and capable leader and a very close friend. The Division, and indeed Pacolet, would not be where it is today without the impact of Ralph Walker.” Mr. Crawford continued, “It is at the same time, that I am pleased to report the appointment of Lance and Kent as Co-Heads of Power & Infrastructure. Both of these leaders are exceptionally capable and experienced and will be great additions to our Senior Management Team. We look forward to continued growth and exceptional performance of Pacolet Power & Infrastructure under their leadership.”
Jordan and Fonvielle will assume their new positions effective July 1.
About PACOLET MILLIKEN
Pacolet is a leader in the institutional management of private investment capital. Headquartered in Greenville, SC., Pacolet is a family-owned firm that directly owns and manages real estate, and power and infrastructure assets across the United States. Its Power & Infrastructure Division owns a diverse set of power, renewables and infrastructure assets, including a regulated electric portfolio (Lockhart Power), an industrial utilities company (Bushy Park), an ISO container storage/cleaning operation (Hydera) and a substantial solar and landfill gas portfolio. Pacolet Real Estate owns and manages a national portfolio of industrial, multi-family, office and retail properties, and currently focusses on multi-family and industrial warehouse development in the Southeast, the Southwest and Southern California. In both Divisions, Pacolet seeks to positively impact the communities in which we operate and be a steward of our environment from a generational perspective.
Andrena Powell-Baker, Director of Communications
September 21, 2021– HYDERA, a joint venture between Pacolet Milliken and OURAY, announces plans to establish operations in Berkeley County, SC at the Charleston International Manufacturing Center (CIMC). They will invest $15 million and create 15 new jobs.
Located at 1690 Bushy Park Road in Goose Creek, HYDERA is a full- service International Organization for Standardization (ISO) container depot that specializes in servicing the needs of the bulk liquids transportation industry. HYDERA will provide cleaning, storage, heating, repair, testing and maintenance of the ISO containers.
The new facility is expected to be fully operational by April 2022, with storage and transportation services being offered as soon as October 2021.
“Berkeley County has proven to be a great place to invest, attract talent and grow our site. Along with our partner OURAY, we are excited to be starting up this new company, HYDERA, to serve the growing needs of the bulk liquids market in the Charleston region.” -HYDERA CEO and CIMC President Kent Fonvielle
June 1,2021 – Syncarpha Capital, a full-service solar developer, owner and operator of community solar farms, and Pacolet Milliken, a family-owned investment company with roots in Maine, anticipate building approximately 74 MW of solar in the state.
Comprised of 11 projects located throughout the state, this portfolio includes projects in Augusta, Belfast, Corinna, Edgecomb, Old Town, Pittsfield, Readfield, Troy, Wiscasset and Waldoboro, and some are scheduled to break ground this summer. These projects will connect to the local electric distribution systems.
Central Maine Power residential customers who sign up with Syncarpha will receive guaranteed savings on their electric bill. Additionally, certain projects will allow commercial and industrial customers to participate, who will see guaranteed savings on their electric bills, as well.
As Syncarpha and Pacolet Milliken’s expansion in Maine unfolds, additional projects are currently in the permitting process, and Syncarpha hopes to have them start construction later in 2021 or early 2022.
Syncarpha’s 7-MW project in Old Town will be leasing land from the city to construct an array on Dewitt Airfield. This land, currently vacant, unused and untaxed and with little agricultural value, will now be a stream of rental income for the city over the next 20-years.
In Readfield, Syncarpha and a property owner struck an unusual agreement, whereby the owner will put approximately 75 of 95 acres into conservation. The remaining acreage will be leased to Syncarpha for the construction and operation of a community solar farm.
The power generated by this array will benefit households in the same utility “load zone,” ensuring that the land is not subject to permanent commercial development. After the operational life of the solar farm, equipment will be removed and the portion used for solar will be put into conservation as well.
Syncarpha has purchased rocky land located next to a highway in Augusta to build a solar farm, but will not develop the entire parcel. The project is donating approximately 10 acres of woodlands to the Sportsman’s Alliance of Maine, its largest sportsman’s organization, for the alliance’s outdoor education center.
Land arrangements like these will help Maine to achieve the Renewable Portfolio Standard goal of securing 100% of its energy from renewables by 2050.
Elgin, SC, September 14, 2020 – SouthWest Water Company (SouthWest Water) announced today that its wholly-owned subsidiary, South Carolina Utility Systems, Inc. has acquired the South Carolina wastewater utility operations of Ni Pacolet Milliken Utilities (Ni) from Pacolet Milliken, LLC.
Ni owns regulated wastewater and water utility companies serving customers in South Carolina and Florida. Ni’s holdings include Palmetto Utilities, Palmetto Wastewater Reclamation, and Ni Florida. Final closing on Ni’s Florida business is anticipated to occur in early 2021.
“This acquisition expands our existing service territory in South Carolina and allows us to grow into Florida. We are excited to begin serving these communities,” said Rob MacLean, CEO of SouthWest Water Company. “SouthWest Water is committed to building positive relationships with our customers by providing access to safe and reliable water and wastewater services at reasonable rates and in a sustainable manner.”
“In SouthWest Water, we found a professional nationwide utility whose primary focus is water and wastewater infrastructure, which holds the same high standards that we have at Pacolet Milliken. SouthWest Water’s experience managing utilities will be of great benefit to the customers and the environment,” said William Crawford, CEO of Pacolet Milliken.
SouthWest Water is committed to investing in the systems and employees to ensure high-quality water and wastewater services are provided to Ni customers. Continuing the focus on its customers, SouthWest Water plans to maintain local offices. SouthWest Water’s President of Southeast Utilities has already relocated to Columbia, SC, to oversee the utilities.
For media inquiries, please contact Raquel Roulin, 832.209.5270.
- Pacolet Milliken and Ranch Water Capital form National Venture to provide self-storage developers competitive and flexible equity capital
- Pacolet Milliken LLC (Pacolet) announces the 100% lease up of Ft. Prince Commerce Center (Ft. Prince)
- Pacolet Milliken expands portfolio of industrial property in South Carolina with purchase of Ft. Prince Commerce Center.
Dallas, TX and Greenville, SC. Ranch Water Capital LLC and Pacolet Milliken, LLC recently announced a new partnership, Pacolet Ranch Water Partners, LLC, to provide joint venture investment capital for storage development projects located throughout the US.
Ranch Water Capital was formed in 2021 by Jason W. Haby to provide new capital alternatives to his wide network of storage developers. Pacolet Milliken is a leading private investor based in Greenville, SC, spun off in 2007 from the large textile and chemical firm, Milliken & Company, to invest in real assets on behalf of its multi-generational shareholder base.
Haby will lead the venture’s efforts on a day-to-day basis. Commenting on the new company’s strategy, he says, “Knowing that each developer and project is unique, we wanted to create a programmatic platform designed to offer the necessary flexibility and alignment to allow developers to maximize the return on their projects and and their efforts.”
The new Pacolet/Ranch Water venture combines the scale and perspective of a national leader in the investment of private family capital with the expertise and responsiveness of an entrepreneurial self-storage investment platform.
The new venture was formed with the initial capacity to close on $200 million of new storage projects in the next 3 years, with further room to grow in the future.
ABOUT RANCH WATER CAPITAL LLC
Ranch Water Capital is a private real estate company based in Dallas, TX. Founded in 2021 by Jason W. Haby, the organization seeks to make opportunistic investments within the storage industry, particularly through ground-up developments and conversions.
For further information please contact:
About PACOLET MILLIKEN
Pacolet is a leader in the institutional management of private investment capital. Headquartered in Greenville, SC., Pacolet is a family-owned firm that directly owns and manages real estate, and power & infrastructure assets located across the United States. Pacolet Power & Infrastructure owns a diverse set of power, renewables and infrastructure assets, including a regulated electric portfolio, an industrial utilities company and a substantial solar and landfill gas portfolio. Pacolet Real Estate has a national portfolio of office, retail, industrial, multi-family properties, and currently focusses on multi-family and industrial warehouse development in the Southeast, the Southwest and Southern California. In both Divisions, Pacolet seeks to positively impact the communities in which we operate and be a steward of our environment from a generational perspective.
For further information please contact:
For media inquiries please contact:
Pacolet Milliken LLC (Pacolet) announces the 100% lease up of Ft. Prince Commerce Center (Ft. Prince) a recently constructed, 440,000 SF Class A industrial warehouse, located along interstate 85 at 200 Fort Prince Rd, Wellford, SC. The facility was leased to a global manufacturing and product development company, which is utilizing the market-leading functional attributes of the facility to support its regional distribution footprint. Terms have not been disclosed.
Clay Adams, President of Pacolet Milliken Real Estate noted: “In the 4th quarter of 2020, Pacolet Milliken signaled its commitment to the South Carolina industrial market with the purchase of Ft Price, which was substantially complete but still vacant. At that time, the US economy was severely impacted by the Covid-19 pandemic, and the institutional warehouse market was early in its recovery. In less than one year we have leased the entire property, which validated our thesis in all respects.” Among other attributes, the cross-docked facility has 36-foot clear heights, ESFR fire protection, over 100 dock doors, extensive auto and trailer parking, and can accommodate heavy-power users such as the new tenant. The property also has over 1,500 feet of frontage along interstate 85 and is visible to approximately 100,000 vehicles per day.
Adams continued, “We want to thank Spartanburg County, a proactive and dependable partner, as well as the team at Colliers International, which represented us in the purchase and the lease of the property.”
A long-time South Carolina landowner and investor, Pacolet Milliken has recently engaged in a new round of value-creation initiatives – partnering with market-leading industrial, residential, and mixed-use developer to unlock value in its 4,500-acre South Carolina portfolio as well as by engaging with other landowners across the State as partners. These include additional new projects in Spartanburg County as well as initiatives in Charleston, Laurens, Orangeburg, Union and Pickens counties.
Spartanburg, February 24, 2021 – The Colliers team of Garrett Scott, John Montgomery and Brockton Hall represented the buyer, Pacolet Milliken, and the seller, Courtland Development, in the sale of a newly delivered ±439,360-square-foot industrial building at 200 Fort Prince Blvd. in Spartanburg, South Carolina.
The modern, 36-foot clear, Class A building was built as speculative industrial space by Courtland Development and completed in early 2020. The facility is situated at a prime location with frontage along the I-85 corridor in Spartanburg, with interstate visibility to ±95,000 vehicles per day. Ft. Prince Commerce Center is approximately 10 miles from BMW Plant Spartanburg, GSP International Airport and the Inland Port in Greer, meeting both regional distribution and local manufacturing supplier requirements. The building is poised to deliver on speed-to-market demands with the addition of several dock doors as well as a ±2,500-square-foot office complete with conference and restroom facilities.
Pacolet Milliken is a family-owned investment company based in the Upstate of South Carolina with deep roots in the region. The company currently owns more than 3,000 acres of industrial land throughout South Carolina and has been instrumental in bringing several beneficial economic development projects to Spartanburg County including Keurig Dr. Pepper, Magna Seating, Toray, Sterling Packaging, Ritrama and Kobelco at Tyger River Industrial Park on Hwy 290 in Moore.
Ft. Prince Commerce Center is Pacolet’s first speculative industrial building purchase in Spartanburg County, demonstrating the firm’s belief in, and commitment to the Spartanburg market. The project complements Pacolet’s existing portfolio of industrial, multi-family, land, retail and office holdings throughout the United States.
“We are always looking to further our mission of acquiring and developing best-in-class industrial facilities throughout South Carolina and Ft. Prince Commerce Center is a welcome addition to our existing portfolio of assets,” said Clay Adams, President of Real Estate at Pacolet Milliken. “The facility is perfectly suited for a wide range of industrial users with cross-dock orientation, ample trailer loading docks and parking in a location that’s hard to beat right on the I-85 corridor. We look forward to leasing this modern, well-designed building to a tenant who will bring value to the surrounding community.”
View full property details at colliers.com
- Pacolet Milliken and Lockhart Power Enable MycoWorks to Locate in Midway Green Industrial Park
- Pacolet Milliken partners with CommunityWorks to invest up to $1m annually in affordable housing projects
- Pacolet Appoints CEO
$107 million investment to create 400 new jobs for Union, SC
January 14, 2022
Greenville, S.C. – Yesterday the South Carolina Department of Commerce announced that MycoWorks, a California-based biotechnology company founded in 2013, plans to establish operations in Pacolet Milliken’s Midway Green Industrial Park in Union County, SC.
MycoWorks specializes in mycelium-grown materials for use as sustainable, luxury-quality leather alternatives. Specifically, MycoWorks’ patented Fine Mycelium™ process – a globally-recognized breakthrough in materials science – uses mycelium, the vegetative tissue in certain mushrooms to produce a product that mimics the performance of animal leathers. The material offers creative solutions and new design possibilities for fashion and luxury brands, while lowering environmental impacts.
The company will locate its operations in an existing industrial facility constructed on a speculative basis by Lockhart Power Company in partnership with Union County. The combination of the immediately-available building, the reliability and capacity of existing utility infrastructure and Lockhart’s renewable energy profile were attractive propositions for MycoWorks,
MycoWorks’ decision to locate at Midway Green Industrial Park was also the result of strong collaboration between Pacolet Milliken’s Energy/Infrastructure and Real Estate Divisions, Lockhart Power, the Union County Development Board and Union County Council, the SC Department of Commerce, and the Coordinating Council for Economic Development.
The new facility will increase MycoWorks’ capacity to meet the fashion and luxury industries’ growing demand for its materials, including its flagship product Reishi™. Operations are expected to be online in early 2023.
“When Lockhart Power and Union County entered into an innovative partnership to build the speculative industrial facility in the Midway Green Industrial Park, we had great hopes for the type of quality company our long-term investment would attract. Today, those hopes were exceeded,” said Bryan Stone, President of Lockhart Power. “MycoWorks has a culture of innovation, sustainability, manufacturing excellence, and diversity & inclusion that resonates with our Milliken family of companies. We couldn’t be more proud of the result of our collaborative effort with Union County and State officials”, stated William Crawford, CEO of Pacolet Milliken.
MycoWorks Chief Operating Officer Doug Hardesty stated, “Deciding where to put down roots was a big decision, but the partnership offered by state and local officials in combination with access to talent and amenities in the area made it easy. We look forward to growing a world class team and operation in Union County, South Carolina.”
About Pacolet Milliken and Lockhart Power
Pacolet Milliken, LLC is a leader in the institutional management of private investment capital. Headquartered in Greenville, SC., Pacolet is a family-owned firm that directly owns and manages real estate, and energy and infrastructure assets located across the United States. Pacolet Energy/Infrastructure owns a diverse set of power, renewables and infrastructure assets, including a regulated electric portfolio, an industrial utilities company and a substantial solar and landfill gas portfolio. Pacolet Real Estate has a national portfolio of office, retail, industrial, multi-family properties, and currently focusses on multi-family and industrial warehouse development in the Southeast, the Southwest and Southern California. In both Divisions, Pacolet seeks to positively impact the communities in which we operate and be a steward of our environment from a generational perspective.
Lockhart Power Company is an investor-owned electric utility located in the Upstate of South Carolina. It was founded in 1912 and is a wholly owned subsidiary of Pacolet. Lockhart provides cost-effective and reliable electric power generation, transmission, distribution and lighting services to a range of residential, commercial, industrial and wholesale customers. Its service area spans portions of five South Carolina counties: Spartanburg, Union, Cherokee, Chester and York.
July 13, 2021 – Pacolet Milliken, LLC, a privately-owned investment company headquartered in Greenville, SC, has committed to co-invest up to $1 million annually alongside CommunityWorks in support of affordable housing initiatives in the Upstate of South Carolina.
Greenville, SC, April 7, 2020 – Pacolet Milliken Enterprises, LLC today announced that William P. Crawford, Jr. has assumed the role of Pacolet Milliken’s CEO, succeeding longtime company leader and co-founder, Richard C. Webel. Crawford will assume the role immediately; Webel will continue to serve the Company in a consultant capacity through December 31, 2020. This appointment and retirement was in keeping with a transition plan that was implemented in January 2019.
“We embarked on a transition plan in January 2019 to elevate William to President of Pacolet Milliken, with the intent of naming him CEO at the end of 2020, upon Rick’s retirement,” noted Philip W. Norwood, Pacolet’s Board Chair. “I am pleased to say that William has proven himself to the complete satisfaction of the board to assume those additional responsibilities in advance of our initial schedule. He has our full support as he steps into these responsibilities at a time of unprecedented events in our world, our nation and our company.”
Norwood continued, “This transition was possible through the efforts of Rick Webel to see that the business he co-founded and grew into a diversified and profitable enterprise, would continue under strong leadership. From the outset of our succession plan, he dedicated himself to facilitating William’s assumption of increasing responsibility and visibility. Rick’s contributions are too lengthy to mention in this brief release, but all of us who have worked closely with him over the years appreciate that Pacolet could never have become the substantial business it is without his dedication, creativity and leadership.
Webel noted, “When we founded Pacolet in 2007, we were guided by a few simple ideas: directly owning high quality real assets, demonstrating operating competence – and finding and being great partners. Through 35 years of working for the Milliken family of companies, no effort has been more rewarding than building out our platform and recruiting some extraordinarily talented people who, I am certain, will take the enterprise to new heights. I thank the Board and shareholders for the privilege of serving them.”
“Pacolet is an exceptional company, and Rick has laid a great foundation for us as a team, both through his actions and his assemblage of a first rate management team,” said Crawford. “I’m deeply appreciative of the confidence that the Board has placed in me, and I look forward to continuing Pacolet’s success and supporting the long term objectives of our ownership families, both in terms of performance, and in the types of investments we make.”
Crawford joined the company in 2013, first as General Counsel and then later as Chief Operating Officer and President. Prior to that, he was a partner with the Wyche Law Firm and Chief Legal and Risk Officer of The South Financial Group, Inc., the parent company of Carolina First Bank. He holds undergraduate and graduate degrees from Indiana University and a law degree from Harvard Law School.