Charleston-area industrial park sold for $102M

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CBRE has arranged acquisition financing of TradePark East, a four-building, 837,200-square-foot industrial park in Ladson, just outside of Charleston, according to a CRBE news release.

The park was sold for $101.5 million.  

CBRE Capital Markets’ Debt & Structured Finance worked on behalf of the borrower, Dogwood Industrial Properties, to secure an $87.8 million loan from Artemis which includes future funding and a phased funding, the release stated.

CBRE’s Brian Linnihan, Mike Ryan, Richard Henry and Taylor Crowder represented the borrower.

“In a market with such limited availability as Charleston, coupled with Dogwood’s top tier sponsorship, TradePark East was one of the most sought-after debt executions we have ever worked on,” said Linnihan, who is vice chairman with CBRE in Atlanta, in the release. “Our team is proud to have connected a great borrow with a great lender to make this deal happen.”

Located along Weber Boulevard just east of Patriot Boulevard, TradePark East features four Class A, high-bay warehouses ranging in size from 145,600 square feet to 343,160 square feet, according to the release.

From the time CBRE started marketing the debt until it selected a lender, occupancy at TradePark East rose from 29% to 100%, the release stated. Construction on all four buildings was recently completed.

Charleston’s industrial market is one of the tightest in the country, according to CBRE research, with a vacancy of just 0.4% across 72.5 million square feet, the release stated. Year-to-date, the area has experienced approximately 6 million sq. ft. of net absorption, only limited by the few existing space options available in the market.