CenterPoint Expands on East Coast with Two-Building Portfolio Acquisition
Posted By Staff Writers On September 7, 2016 @ 12:00 pm
OAK BROOK, IL – CenterPoint Properties recently acquired a two-building, 511,302 square foot, rail-served portfolio at 5801 N. Rhett Avenue in Hanahan, South Carolina. Chris Norvell of HFF represented the seller in the transaction, while Peter Fennelly and Simons Johnson of Colliers International and Chad Vande Zande of the Boerke Company represented CenterPoint.
“The North Rhett acquisition is a strategic opportunity for CenterPoint to acquire and reposition highly-functional, infill, rail-served assets located in close proximity to the Port of Charleston,” said PJ Charlton, Senior Vice President of Investments at CenterPoint.
The buildings are located on 34 acres with the first building totaling 313,343 SF and the second totaling 197,959 SF. The portfolio is in close proximity to the North Charleston Terminal at the Port of Charleston, the CSX rail yard, the Norfolk Southern Intermodal Yard and within two miles of I-26, I-526 and the Charleston International Airport.
Project features include 44 overhead doors, T-5 lighting, ESFR sprinklers and 6.3 acres of excess land for either trailer parking or potential building expansion.
“The Port of Charleston is one of the fastest growing ports in the country,” said Charlton. “It is exciting to expand our East Coast Portfolio with buildings that offer the logistics advantages of ports, rail and highway.”
This acquisition brings CenterPoint’s Charleston market portfolio to 1.3 Million square feet and its total East Coast portfolio to 10.5 Million square feet.