{"id":1004735808,"date":"2024-11-05T02:45:40","date_gmt":"2024-11-05T10:45:40","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004735808"},"modified":"2024-12-19T00:27:42","modified_gmt":"2024-12-19T08:27:42","slug":"stockbridge-buys-1-2-msf-industrial-asset-near-charleston","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/stockbridge-buys-1-2-msf-industrial-asset-near-charleston\/","title":{"rendered":"Stockbridge Buys 1.2 MSF Industrial Asset Near Charleston"},"content":{"rendered":"\n

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\"Exterior<\/a>
Building D at Camp Hall Commerce Center is fully leased by Volvo. Image courtesy of JLL<\/em><\/figcaption><\/figure><\/div>\n\n\n

Stockbridge has acquired Building D at Camp Hall Commerce Center Campus 4, a 1.2 million-square-foot industrial property in Ridgeville, S.C.<\/p>\n\n\n\n

Portman Industrial and Rockpoint, a Boston-based real estate private equity firm, sold the asset with the assistance of JLL.<\/p>\n\n\n\n

Completed only last year, Building D can accommodate high-volume distribution operations and features 40-foot clear height, a cross-dock loading configuration, 208 dock-high doors, four drive-in doors and 84 dock levelers. There are 847 auto parking spaces and 804 trailer storage spaces. Volvo occupies the entire warehouse supporting the car manufacturer’s nearby factory.<\/p>\n\n\n\n

Located at 2274 Volvo Car Drive, Building D has access to Interstate 26 and is 36 miles northwest of Charleston, S.C. The facility is within the 6,800-acre Camp Hall, a master-planned industrial park in Berkeley County being developed by Santee Cooper, South Carolina\u2019s state-owned electric and water utility.<\/p>\n\n\n\n

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READ ALSO:<\/strong> How Infrastructure Investment Drives Industrial Space Growth<\/a><\/p>\n\n\n\n

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Stockbridge has about $33.6 billion of assets under management across the major property types, with an emphasis on U.S. residential and industrial assets. This spring, the company purchased a two-property, 540,478-square-foot Class A industrial portfolio in Southern California<\/a>\u2019s Inland Empire from Principal Asset Management for $142.3 million.<\/p>\n\n\n\n

The JLL Investment Sales and Advisory team represented Portman Industrial and Rockpoint in the sale to Stockbridge.<\/p>\n\n\n\n

Big names at the master-planned industrial park<\/h2>\n\n\n\n

Camp Hall is home to Volvo Car USA’s first U.S. manufacturing plant, which opened in 2018. In 2022, EV battery recycler Redwood Materials announced a $3.5 billion project at Camp Hall, which broke ground in early 2024. <\/p>\n\n\n\n

DC Blox, a specialist in Tier III data centers, connectivity services and dark fiber, acquired 27.5 acres at Camp Hall in July 2023. The company plans to develop a multi-tenant data center on the site.<\/p>\n\n\n\n

Palmetto Railways is also building a nearly 23-mile line from the Camp Hall Commerce Park to a connection with a CSX line near a Santee Cooper power generating station in Cross, S.C. The $185 million rail project, which will improve the park’s connectivity, will be completed by 2026.<\/p>\n\n\n\n

Charleston industrial still suffers hangover from boom<\/h2>\n\n\n\n

Charleston, a port industrial market<\/a>, had a vacancy rate of 17 percent in the third quarter of 2024, according to a JLL report. This is a consequence of ballooning supply as developers in the early 2020s anticipated higher post-pandemic demand which didn’t pan out in the climate of rising interest rates and uncertain business conditions.<\/p>\n\n\n\n

As recently as 2022, the market’s vacancy was around 2.0 percent, the same report shows. That year, about 6 million square feet of space came online, while there was demand for more than 7 million. In 2023 however, the situation reversed. Supply was more than 7 million square feet, but demand had shrunk to about 4 million.<\/p>\n\n\n\n

On the other hand, JLL points out, the current vacancy is concentrated, with only 10 percent of buildings market-wide in greater Charleston representing 93 percent of the vacancy, driven by changes in tenant trends. Smaller buildings are attracting more users, significantly outpacing larger ones.<\/p>\n","protected":false},"excerpt":{"rendered":"

A global car manufacturer occupies the entire facility.<\/p>\n","protected":false},"author":1023,"featured_media":1004735817,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,21783,21742,32781],"tags":[44006,52238,44465],"class_list":["post-1004735808","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-latest","category-southeast","tag-jll-capital-markets","tag-rockpoint","tag-stockbridge"],"acf":[],"yoast_head":"\nStockbridge Buys 1.2 MSF Industrial Asset Near Charleston - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Stockbridge acquired Building D at Camp Hall Commerce Center Campus 4 in Ridgeville, S.C. 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