Charleston-Area Industrial Asset Changes Hands for $41M

The sale of the fully leased complex was facilitated by HFF.
Gateway Distribution Center, Summerville, S.C.

Charleston Gateway Distribution Center, Summerville, S.C.

Summerville, S.C.—HFF closed the sale of a Class A, 615,650-square-foot warehouse, distribution and freezer storage complex in the Charleston-area community of Summerville for a price tag of $41 million. The property was sold by J.L. Woode Ltd. to CenterPoint Properties. HFF Senior Managing Director Chris Norvell led the investment sales team representing the seller.

Sitting on a 109-acre site at 1125 Newton Way in Summerville, Charleston Gateway Distribution Center comprises 473,124 square feet of bulk warehouse space, 121,466 square feet of state-of-the-art freezer/cold storage space and 21,060 square feet of truck maintenance and storage in three buildings. The facilities feature up to 42’ clear heights, 64 dock high loading positions and a deep 205’ truck court with a 60’ concrete apron. The site is fully fenced with controlled access and features two separate entrances with extensive trailer and employee parking.

Completed in 1999, the complex is 30 miles from the Port of Charleston and adjacent to Interstate 26, which provides the property with quick access to the Charleston International Airport and the new North Charleston plants of Boeing, Volvo and Daimler.

The asset was fully leased at the time of the sale, the tenant roster including Zinus Inc., Argo Merchants Group and H&E Equipment Services.

“Investor appetite for industrial real estate in Charleston is proving to be very robust, which is not surprising given the amazing storylines in the market,” said Norvell in a prepared statement.  “Manufacturing job growth, expanding ports and a stellar quality of life are significant green lights for national industrial investors,” he added.

Image courtesy of HFF