Gramercy Sells SC Industrial Facility
- May 07, 2018
Gramercy Property Trust has sold Newton Way Industrial Center, a Class A distribution and manufacturing facility in Summerville, S.C. HFF represented the seller in the transaction. Vacant at the time of sale, the 451,370-square-foot property was purchased by a user for occupancy.
Located at 1116 Newton Way, along Interstate 26, the asset offers convenient access to Interstate 95, the Port of Charleston and Charleston International Airport. Constructed in 2007, Newton Way Industrial Center sits on 43 acres and offers 30-foot clear heights, 37 dock-high loading doors, parking and storing for up to 100 trailers, 17,900 square feet of office space, 22 drive-in doors and 513 vehicle parking spaces. The building also has Foreign Trade Zone status, providing the opportunity to facilitate international mercantile activity.
Senior Managing Director Chris Norvell and Director Patrick Nally of HFF’s investment advisory team represented the seller. CBRE’s Bob Barrineau and Brendan Redeyoff represented the buyer.
“Our initial plan for this transaction was to market the building as a vacant, Class-A, value-add industrial opportunity,” Norvell told Commercial Property Executive. “But the industrial market in Charleston is really hot, particularly for manufacturing, so it’s not surprising that a manufacturer showed up to purchase the property before we went to market.”
Image courtesy of HFF