Capital Development Partners has taken a major step toward the realization of Shipyard Creek Logistics Center, a $250 million industrial park in North Charleston, S.C., with the recent acquisition of 135 acres of land. The purchase of the acreage helps pave the way for the state-of-the-art campus to sprout up adjacent to South Carolina Ports’ newly opened Hugh K. Leatherman Terminal.
Featuring the address of 1800 Pittsburgh Ave, the well-located swath of land had belonged to Shipyard Creek Associates, and according to The Post and Courier, CDP acquired it for $63 million. Acting as a strategic partner of Carolina Ports, Capital Development will transform the site into a cutting-edge logistics destination featuring container storage, cross-dock terminals, warehousing and high-speed logistics infrastructure.
Tenants at Shipyard Creek will not only have access to modern industrial accommodations, but they will also be able to avail themselves of the conveniences of the close proximity of the $2 billion Leatherman Terminal, SC Ports’ future dual rail-served intermodal cargo facility, as well as Interstate 26.
The right place and time
South Carolina’s industrial property market has been thriving over the last several quarters. “It is no secret that the South Carolina ports are driving industrial activity to record-breaking levels and boosting demand throughout the entire logistics pipeline,” according to a third-quarter 2021 report by Colliers International. “Industrial demand in South Carolina is expected to continue at unprecedented levels throughout 2022. Online ordering increased exponentially over the past year, taxing port-related infrastructure to unparalleled levels.”
Now, more than ever, it is metropolitan Charleston’s time to benefit from that demand, as the city’s ports attract shipping amid the nationwide supply chain challenges. North Charleston is faring particularly well, having outpaced all other submarkets in the third quarter with 1 million square feet of the Greater Charleston area’s overall 2.2 million square feet of positive net absorption, according to the Colliers report.
With the completion of the land acquisition for Shipyard Creek, Capital Development plans to commence construction on site infrastructure and the park’s first facility immediately. Fast-track delivery is scheduled for 2022.