One of the largest distribution centers in the Southeast U.S. has changed owners.
US Industrial REIT III, an affiliate of the USAA Real Estate Co., has purchased a 124-acre, 1.1-million-square-foot distribution center in Charleston, S.C., located about 25 miles from the Port of Charleston. The property was acquired from the Rockefeller Group and Mead Westvaco Corp., which developed the facility in 2009 as a joint venture. Terms of the transaction were not disclosed.
The DC already has a tenant. TBC Corp., which bills itself as the nation's largest marketer of tires for the automotive replacement market, signed a deal in October 2009 to occupy the entire facility. TBC occupied the first phase of the facility late last year.
The DC is one of four proposed buildings that comprise 2.7 million square feet of space off Interstate 26 along the "Charleston Distribution Corridor."
Supporters of the Charleston logistics market tout it as an ideal distribution location situated halfway between New York and Miami, with excellent highway access and supported by an international airport and one of the largest deepwater ports in the region.
"Proximity to a growing major U.S. port will continue to attract cargo traffic and the need for quality distribution space," said Pat Duncan, president and CEO of USAA Real Estate Co., in a statement announcing the deal. The transaction was made public in mid-February.