OAK BROOK, IL – CenterPoint Properties recently acquired a 615,090 SF, three-building distribution complex located within the Charleston market at 1125 Newton Way in Summerville, South Carolina. Chris Norvell of HFF represented the seller.
The three-building distribution complex sits on 109 acres with extra land for future development. Fully leased to three port-related tenants, the strategic portfolio has frontage along I-26 providing easy access to the Port of Charleston.
“This is a unique and exciting acquisition for CenterPoint,” said PJ Charlton, Senior Vice President of Investments at CenterPoint. “The project consists of three quality buildings that are fully leased, in addition to excess land that should provide for value creation opportunities in the future. The complex benefits from direct access to I-26 which is essential for distributors and port related users.”
Facility features include a 121,466 SF freezer with 42’ clear height, a 473,124 SF bulk warehouse with 32’ clear height, and ample parking with 153 trailer positions and 190 car parking spots and extra land to add more parking in the future if needed.
“This is a very strategic and attractive opportunity to continue to acquire logistically-advantaged industrial real estate for port-related tenants,” added Charlton.