Dorchester Commerce Center Sold
In an indisputable testament to the Charleston region’s growing industrial market, Foundry Commercial and Oakwood Real Estate Partners have sold their first development in the area, the Dorchester Commerce Center. This expansive 534,000-square-foot commerce center is situated on a sprawling 38-acre area at the cross-section between Hodge Road and Thorpe Road. The strategy behind this location was to facilitate easy access to the main highway, Interstate 26.
The Dorchester Commerce Center is a symbol of Foundry Commercial’s commitment to expanding its industrial footprint in strategically crucial markets. Foundry Commercial, a prominent name in commercial real estate services and investment, focuses majorly on sun-belt markets, executing transactions annually worth over $1.6 billion in leasing, tenant representative, and investment sales.
Systematically complementing this ambitious approach is Oakwood Real Estate Partners. Known for its unique focus on value-add and opportunistic investments, Oakwood is widely acknowledged for its contribution to the growth and vitality of communities.
The commercial partners initially kick-started this ambitious project in late 2022. The developed warehouses stand tall at 32 feet featuring oversized, drive-in doors and consist of 260 and 280-foot-deep rear-load buildings complimented by a massive 210-foot shared truck court. However, the deal’s financial details remain undisclosed.
Supporting the Industrial Demand
Charleston region, primarily the Jedburg submarket, has recently witnessed a skyrocketing demand for industrial properties, making the Dorchester Commerce Center a crucial addition. Industry giants like Boeing, Mercedes, and Volvo have been expanding their production capacities in Charleston, thereby driving the need for more industrial space.
This modern commercial hub is fully equipped to support this escalating demand. It provides necessary infrastructure for businesses aspiring proximity to these manufacturing titans and the robust transportation networks of the region.
“Infill industrial facilities are crucial for major port markets like Charleston, where port, rail, and freight routes are strenuously supported by major manufacturing and highly skilled labor,” stated Bill Simerville, the deal principal and managing director at Foundry Commercial. The development of Dorchester Commerce Center is indeed a strategic response to the pressing need for top-notch industrial space. It facilitates efficient logistics and distribution operations catering to businesses planning relocation or expansion in the region.
The project saw collaboration of various stalwarts of the industry, including Edifice as the general contractor, Merriman Schmitt Architects as the architectural firm, and Seamon Whiteside serving as the civil engineers. The leasing company was Bridge Commercial.
Boosting the Real Estate Market
This recent deal not only underscores the buoyant demand for industrial property but also marks the partners’ first significant development in the Charleston metropolitan area. Being a major boost to the local economy, it unquestionably solidifies Charleston’s position as a booming regional hub for commerce.
