An Orangeburg industrial property has been purchased by a company that plans to lease the space.

The property at 2850 Magnolia Street was purchased by Massachusetts-based GFI Partners earlier this year, according to Orangeburg County property records.

The company purchased the property under the limited liability corporation SC Magnolia Property Owner for $13,063,360.

The 43-acre property has three industrial buildings.

The 215,000-square-foot building that fronts Magnolia Street currently houses distribution operations for Japanese-based JTEKT, the parent company of Koyo Bearings.

Koyo at one time had its manufacturing operations on the property before closing in March 2021, resulting in the loss of 362 jobs. The company is a supplier of ball bearings for Toyota, Ford, Honda, General Motors and John Deere.

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Charleston-based Bridge Commercial is currently marketing a 155,289-square-foot building in the middle of the property for lease. Bridge Commercial notes the building is divisible into 75,000-square-foot sections.

The company is also marketing for lease about 50,000 square feet of the property’s rear building. The front portion of the rear building – about 50,000-square feet – is currently being leased by Sonoco Products Company. The company is using the building for warehousing and employs about eight.

Sonoco is a provider of consumer packaging, industrial products, protective packaging and packaging supply chain services. It’s the world’s largest producer of composite cans, tubes and cores. The company is headquartered in Hartsville, South Carolina.

Signs identify the property as “Mid South Industrial Center.”

William Deshler of GFI Partners said the company wanted to rebrand it. GFI Partners has made capital improvements to the property in an effort to attract new tenants.

Deshler said since rebranding, the property has garnered interest.

“These buildings speak to multiple uses,” Deshler said, noting the property’s infrastructure can support manufacturing and warehouse uses.

Deshler also cited the property’s location near Interstate 26.

GFI Partners is no stranger to South Carolina. The company has been working in the state for the past 20 years.

In addition to the Magnolia Street facility, GFI Partners also owns a 209,000-square-foot building at 225 Woodbine Drive in Orangeburg.

The company made upgrades to the building’s interior and exterior, including new electrical, paint, lighting and dock doors. The building is now leased to a logistics company. GFI declined to provide the name of the company without receiving approval.

The building formerly housed Ambler Industries and ACO Distribution & Warehousing Inc.

GFI Partners also has industrial properties in Summerville, Charleston, North Charleston and Duncan.

Contact the writer: gzaleski@timesanddemocrat.com or 803-533-5551. Check out Zaleski on Twitter at @ZaleskiTD.

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