Equity Industrial Delivers Charleston Build-to-Suit Project

Equity Industrial Partners, a developer and operator of industrial and office assets, delivered its latest build-to-suit project in Summerville, S.C., in the Charleston market. RoadOne IntermodalLogistics will occupy the 384,000-square-foot facility.

According to CommercialEdge, EIP paid $15.8 million to acquire the 95-acre Kelly Branch Tract in 2023. Construction on the first phase of the project began in May 2024, local news station ABC WCIV reported. The project is part of the Kelly Branch Tract master plan.

The newly completed industrial building features 100 dock doors, a drive-up ramp and a 5,600-square-foot office space.

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Phase two of the multi-phase project is set to include another warehouse or manufacturing building totaling 300,000 square feet. Depending on permits and market demand, phase two is anticipated to be delivered by 2027, before the third and final phase can break ground.

Located at 1932 Dawson Branch Extension, the new industrial building is 28 miles outside of Charleston, S.C. Charleston International Airport is within 22 miles from the location, with a Naval Weapons Station, Joint Base nearby.

Charleston’s industrial market

For the market, 2024 was quite rocky as vacancy rates were high and net absorption was down. In the latest report from JLL, the data shows the industry is moving toward sustainable growth. The percentage of inventory under development has decreased from 20 percent in the first quarter of 2023 to 4 percent in the first quarter of 2025.

The area also had 2.9 million square feet under construction. Vacancy rates increased as 1.3 million square feet of new inventory was delivered within the last quarter of 2024. Compared to 2024, the industrial market in the area for 2025 is set to expand, as subleasing activity and vacancy rates improve with the region’s growth.

Back in December, COFE Properties invested in the Charleston area with a two-asset, 307,492 square-foot portfolio acquisition. The company bought the industrial portfolio from Citimark for $48.3 million.