- Pacolet Milliken and Lockhart Power Enable MycoWorks to Locate in Midway Green Industrial Park
- Pacolet Milliken LLC (Pacolet) announces the 100% lease up of Ft. Prince Commerce Center (Ft. Prince)
- HYDERA, a joint venture between Pacolet Milliken and OURAY, announces plans to establish operations in Berkeley County, SC
- 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
$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.
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.
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
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.