Charleston, SC – A joint venture owned by North Signal Capital LLC and a fund managed by Westport Capital Partners LLC, has purchased two industrial sites at North Pointe Commerce Park, www.northpointecommercepark.com. The joint venture plans to develop the sites, collectively referred to as “North Pointe Commerce Park”, into a speculative building and a build-to-suit. The development plan will add approximately 400,000 square feet of class A industrial space to the market.
The joint venture expects to break ground on Site 1, the approximately 250,000-square-foot speculative building, this month with a delivery planned for September 2018. Site 2, which is planned as a build-to-suit, has the potential to deliver as soon as September 2018. Both sites offer flexibility in size and configuration, a major selling point with the market’s current low vacancies and high demand.
“We are pleased to partner with North Signal Capital in the acquisition and development of these two parcels of property,” said Russel Bernard, Managing Principal, Westport Capital Partners LLC.
“The development plan will bring much-needed supply to support Charleston’s thriving economy. We are excited to participate in the continued development of the city’s vital role as an international manufacturing and trade hub,” said Sean Armstrong, Principal and Portfolio Manager, Westport Capital Partners LLC.
“The sites are strategically located in close proximity to the port, airport, interstate highways and the US naval installation known as SPAWAR. As a result, the properties will appeal to a diverse set of industries, including: aerospace and defense, automotive, information technology, life sciences and logistics,” said Peter Goulding, Partner, North Signal Capital LLC.
Colliers International represented WestRock, the seller, in the transaction. The sites were previously part of WestRock’s industrial holdings, a portfolio that Colliers is currently assisting WestRock in selling. Colliers’ Charleston industrial team of Peter Fennelly, Hagood Morrison and Simons Johnson has been awarded the assignment for North Pointe Commerce Park and will begin marketing the sites to potential tenants immediately. Fennelly, Morrison and Johnson specialize in industrial properties in the Charleston region, representing both owners and tenants.
“The partnership made a smart investment based on development plans which truly match the needs of our market,” said Peter Fennelly, Market President. “The speculative building will allow tenants speed to market and flexibility. Meanwhile, the build-to-suit opportunity opens the door for users with more custom needs. Having both offerings reflects the diverse industrial market in Charleston.”
North Signal Capital LLC is a real estate investment and development firm with offices in Stamford, CT and Charleston, SC. North Signal seeks to maximize risk-adjusted returns by employing a value-based approach to real estate investing. North Signal targets investments supported by long term secular trends including the growth of e-commerce and population growth within the Southeastern US. Founding Partners Peter Goulding and CJ Carey have over twenty years of institutional investment experience.
Westport Capital Partners LLC is a real estate investment firm focusing on adding value to real estate and “hands-on” solutions to complex situations. Westport provides domestic and international real estate related investment opportunities to institutional and private clients. Through its various funds, the firm invests in a wide variety of distressed, opportunistic and core plus real estate assets. The firm has offices in Los Angeles, CA; Wilton, CT; Bozeman, MT; and London, England.