US real estate manager PRP has acquired a $185m (€179m) pre-leased distribution centre project in South Carolina.

PRP said the 1.85m sqft distribution centre in Greenville-Spartanburg, which is being developed in a joint venture with Flint Development, will be completed by the fourth quarter of 2023.

The asset will be occupied by Hart Consumer Products, a subsidiary of consumer products company Techtronic.

Joseph Neckles, PRP’s managing director and head of net lease investments, said: “This acquisition meets all of PRP’s most important investment criteria including new construction, a long-term net lease, a high investment grade credit quality tenant and location within a strong US logistics market.

“We are thrilled to work with Flint Development on this build-to-suit and look forward to having Techtronic as our tenant in the property. This is the second logistics facility that PRP owns with Techtronic as a tenant.”

To read the latest edition of the latest IPE Real Assets magazine click here.