Charleston-Area Industrial Campus Trades for $55M

Wells Fargo provided a $34.2 million loan for the acquisition of the recently expanded 448,765-square-foot property.
Charleston Trade Center. Image courtesy of JLL

A partnership between The Keith Corp. and Singerman Real Estate has sold Charleston Trade Center, a Class A, 448,765-square-foot manufacturing plant and distribution center in Summerville, S.C. Laulima Families acquired the property for $55 million, Berkeley County records show.

The new owner obtained a $34.2 million acquisition loan originated by Wells Fargo for the purchase.

Located on 33 acres at 479 Trade Center Parkway, the building was delivered in 2018 and was expanded earlier this year. The facility features six grade-level and 35 dock-high doors, a 32-foot clear height, ESFR sprinklers and a 30,543-square-foot office component.

IFA Rotorion North America occupies the industrial property on a long-term, triple-net lease. The contract spells out a 20-year term starting September 2020 and annual rent increases of 1.7 percent. Additionally, the company has entered into a Fee in Lieu of Taxes (FILOT) agreement, which will award the company a total of $10 million in property tax deductions over the 30-year period of the agreement.

Situated within 2 miles of Interstate 26, the facility is roughly 27 miles from the Port of Charleston and Interstate 95. 

JLL Senior Managing Director Pete Pittroff and Senior Director Patrick Nally negotiated on behalf of the seller. Last month, the duo was part of the brokerage team that represented Beacon Partners in the $201 million disposition of Metrolina Park, a 1.9 million-square-foot logistics campus in Charlotte, N.C.