- Pacolet Milliken partners with CommunityWorks to invest up to $1m annually in affordable housing projects
- Syncarpha Capital & Pacolet Milliken developing 74-MW community solar project portfolio in Maine
- Pacolet Milliken expands portfolio of industrial property in South Carolina with purchase of Ft. Prince Commerce Center.
- SouthWest Water Company Announces Acquisition of Ni Pacolet Milliken’s Utilities
- Pacolet Appoints CEO
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.
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.
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
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.
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.