Aerial view of the Charleston industrial area indicating growth in real estate investments.
COFE Properties, a Miami-based industrial real estate investor, has purchased two industrial buildings in Charleston for $48.3 million. This marks their entry into the South Carolina market, with local businesses set to benefit from the strategic locations of these properties near major transport routes. The investment reflects the growing industrial real estate market in Charleston, though current trends show some vacancy challenges. The acquisition is expected to have a positive impact on the local economy and create new opportunities for businesses.
Charleston, South Carolina, is buzzing with excitement as COFE Properties, a Miami-based industrial real estate investor, has made a significant move in the local market. They recently purchased two industrial buildings located at 4750-60 Goer Drive and 4275 Arco Lane for a whopping 48.3 million dollars! This transaction marks a thrilling first step into South Carolina for the investor, and locals are keen to see what this means for the community.
So, what’s the scoop on these two buildings? Well, the Goer Drive property is quite the site, having been completed back in 1979. Stretching over 246,852 square feet, it’s already fully leased to a mix of 11 tenants, including some well-known names like the College of Charleston, Beers Millwork, and American Freight. Sounds like a busy hub, right?
On the other hand, the Arco Lane property is a bit newer, having been built in 1995. It has 60,640 square feet and is also fully leased, hosting seven tenants like Carrier Enterprises, Perfect 10 Distribution, and United Refrigeration. These businesses not only contribute to the local economy but also create job opportunities for the community.
Location, location, location! The smart positioning of these industrial buildings cannot be understated. They sit conveniently close to Interstate 26 and are roughly 10 miles away from the bustling Port of Charleston. This makes it a prime spot for logistics and distribution. Being near major transport routes is crucial for businesses, and COFE has clearly made a wise choice by investing here.
To help facilitate this purchase, COFE secured a substantial loan of nearly 29 million dollars from Nuveen, an asset management firm. The financial backing made sense given the strong performance of the portfolio, paired with favorable market conditions that allowed for advantageous debt terms.
Yet, this shift might not be surprising. The area is experiencing increased vacancy rates, mostly due to an oversupply of larger warehouse spaces. This could mean a reassessment of the needs and design of local industrial properties, prompting businesses to adapt to a changing marketplace.
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