{"id":1004741698,"date":"2024-12-23T03:50:44","date_gmt":"2024-12-23T11:50:44","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004741698"},"modified":"2024-12-23T06:22:35","modified_gmt":"2024-12-23T14:22:35","slug":"cofe-properties-buys-charleston-portfolio-for-48m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cofe-properties-buys-charleston-portfolio-for-48m\/","title":{"rendered":"COFE Properties Buys Charleston Portfolio for $48M"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/4750-4760-Goer-Drive-1.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1091\" height=\"818\" data-attachment-id=\"1004741699\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/cofe-properties-buys-charleston-portfolio-for-48m\/4750-4760-goer-drive-1\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/4750-4760-Goer-Drive-1.jpg\" data-orig-size=\"1091,818\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"4750-4760 Goer Drive-CBRE\" data-image-description=\"&lt;p&gt;Property at 4750-4760 Goer Drive, Charleston, S.C.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The building at 4750-4760 Goer Drive debuted in 1979. Image courtesy of CBRE&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/4750-4760-Goer-Drive-1.jpg?w=1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/4750-4760-Goer-Drive-1.jpg\" alt=\"Aerial shot of the industrial facility at 4750-4760 Goer Drive, Charleston, S.C.\" class=\"wp-image-1004741699\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/4750-4760-Goer-Drive-1.jpg 1091w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/4750-4760-Goer-Drive-1.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/4750-4760-Goer-Drive-1.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/4750-4760-Goer-Drive-1.jpg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 1091px) 100vw, 1091px\" \/><\/a><figcaption class=\"wp-element-caption\">The building at 4750-4760 Goer Drive debuted in 1979. <em>Image courtesy of CBRE<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>COFE Properties has paid $48.3 million for a two-asset industrial portfolio totaling 307,492 square feet in Charleston, S.C. Citimark previously owned the properties, according to CommercialEdge data.<\/p>\n\n\n\n<p>Nuveen issued a five-year, fixed-rate, interest-only acquisition note of $29 million. CBRE arranged the financing on behalf of COFE.<\/p>\n\n\n\n<p>Citimark purchased the duo in 2021 for $25 million, and according to CommercialEdge, First Financial Bank originated a $19 million acquisition loan set to mature in 2028. Simmons Realty was the seller then.<\/p>\n\n\n\n<p>The two properties are less than 1 mile from Interstate 26 and about 2 miles from one another. Charleston International Airport and the Port of Charleston are roughly 5 and 11 miles away, respectively.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/you-stayed-alive-until-25-now-what\/\">You\u2019ve Survived Till 2025. Now What?<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>The facility at 4750-4760 Goer Drive, which was completed in 1979, is 246,852 square feet and features 24-foot clear heights and truck courts with a depth of 90 to 128 feet. The College of Charleston, Beers Millwork and American Freight are among the 11 tenants leasing the asset.<\/p>\n\n\n\n<p>Built in 1995, the 60,640-square-foot property at 4275 Arco Lane has 16-foot clear heights and 75- to 110-foot truck court depths, as well as a 20 percent office finish. Seven tenants, including Carrier Enterprises, Perfect 10 Distribution and United Refrigeration, lease the building.<\/p>\n\n\n\n<p>CBRE Vice Chairmen Brian Linnihan and Mike Ryan, as well as Senior Vice President Richard Henry and Director JP Cordeiro, represented COFE Properties in the financing proceedings.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-industrial-sales-decelerate-in-charleston\">Industrial sales decelerate in Charleston<\/h2>\n\n\n\n<p>The <a href=\"https:\/\/www.commercialsearch.com\/news\/top-markets-for-industrial-transactions\/\">industrial investment volume<\/a> in metro Charleston clocked in at roughly $285 million during the first 11 months of the year, according to CommercialEdge data. Last year\u2019s figure for the same interval was substantially higher, landing at nearly $500 million.<\/p>\n\n\n\n<p>Assets traded at an average of about $80 per square foot year-to-date through November, data from the same source shows. That was below the <a href=\"https:\/\/www.commercialsearch.com\/news\/commercial-edge-industrial-report-ai\/\">national average of $128 per square foot<\/a>.<\/p>\n\n\n\n<p>Just last month, another industrial asset changed hands in Greater Charleston. <a href=\"https:\/\/www.commercialsearch.com\/news\/stockbridge-buys-1-2-msf-industrial-asset-near-charleston\/\">Stockbridge purchased Building D<\/a> at Camp Hall Commerce Center Capus 4 from Portman Industrial and Rockpoint. The property in Ridgeville, S.C., spans 1.2 million square feet.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The two assets encompass some 300,000 square feet.<\/p>\n","protected":false},"author":3471,"featured_media":1004741699,"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":[32789,38618,39549,37491],"class_list":["post-1004741698","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-latest","category-southeast","tag-cbre","tag-citimark","tag-mike-ryan","tag-nuveen"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>COFE Properties Buys Charleston Portfolio for $48M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"COFE Properties paid $48.3 million for two industrial assets in Charleston, S.C. 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