A new industrial development is underway in Rock Hill. Selwyn Property Group, who has partnered with CIP Real Estate, started construction last week on a two-building, speculative industrial project at Waterford Business Park. The development team is planning two 120,000-square-foot buildings on 25 acres at 656 Red River Road. The buildings are designed for single-tenant occupancy but will have the option to be subdivided. Delivery is targeted for the fourth quarter of 2024.

The project was announced by CBRE, which secured an equity placement for the development. CBRE’s Patrick Gildea, Rob Hardaway, Matt Smith, Grayson Hawkins, Trey Barry and Frank Fallon represented Selwyn Property Group in the equity sourcing process. CBRE secured a limited partnership equity placement totaling $11.1 million for the development of the project.

“Institutional capital is becoming increasingly more discerning with regard to location and functionality of product,” Gildea said. “However, we continue to see strong interest from capital for speculative industrial development in proven locations with tenured developers.”

York County real estate records show an entity affiliated with Selwyn named Waterford Red River LLC recently acquired the project site for $2.47 million. The site is in an industrial area near Waterford Golf Club. Other projects in the area include the soon-to-be home of semiconductor manufacturer Pallidus Inc., which announced plans earlier this year to invest $443 million and create 405 jobs on Overview Drive.