Clarius, Wanxiang America Sell 587 KSF Charleston-Area Asset
- Mar 04, 2021
Chicago-based firms Clarius Partners and Wanxiang America Real Estate Group have sold a 587,720-square-foot industrial property at 537 Omni Industrial Blvd. in Summerville, S.C. According to public records, Evergreen Medical Properties paid $49.2 million for the asset. The buyer took out a $30 million loan from Reinsurance Group of America for the purchase.
The building was constructed in 2018 and is fully leased to 3G Distribution Services, a third-party logistics provider. Avison Young Principals Erik Foster and Mike Wilson, members of Avison Young’s National Industrial Capital Markets Group represented the seller. Foster and Wilson also successfully raised the development equity on Clarius’ behalf to construct the project. In November 2016, the Avison Young principals described the transaction to bring Wanxiang America on as an investor as “complex equity placement” because the market was not known for spec development and the building was larger than most Charleston projects at that time.
The LEED silver-certified facility is located on 43 acres in the Omni Industrial Campus, a 225-acre industrial park along I-26, just 25 miles from the Port of Charleston. It was built with institutional-quality features, including T-5 lighting, 36-foot clear height, ESFR fire protection and 7-inch-thick floors. The building also has 325 automobile spaces, 151 remote trailer stalls and 32 on the building as well as 79 truck dock doors, expandable to 111.
The facility attracted interest from capital sources around the globe, Foster said in a prepared statement. He noted fully leased assets in strong logistics markets will continue to be in demand due to their ability to support the growing e-commerce, logistics and manufacturing sector. The Charleston market has become an international center for high technology, business services, automotive and aerospace manufacturing. The industrial park is in the heart of the Southeast’s growing manufacturing corridor that has drawn global companies including Daimler, Boeing, Volvo and Cummins.
In October, Clarius sold The HUB at Goodyear, a newly built, 793,862-square-foot-industrial property in Goodyear, Ariz., to Mack Real Estate Group for $59 million, according to CommercialEdge data. It was one of the largest industrial sales in the region in 2020. Clarius and LGE Design Build broke ground on the speculative asset in March 2019.
Also in October, Clarius sold a 400,000-square-foot warehouse in Charlotte, N.C., to Lightstone for $34 million. The asset is near the intersection of interstates 85 and 485 and less than 2 miles north of the Charlotte Douglas International Airport.