SunCap Property Group has awarded CBRE the leasing assignment for Palmetto Trade Center Building 2, a 245,000-sq.-ft. spec industrial development in North Charleston, SC. Located at 3471 Trade Center Court, construction will begin in November 2021 with a target delivery of June 2022.
CBRE’s Bob Barrineau, Brendan Redeyoff and Tim Raber are spearheading leasing efforts on behalf of SunCap Property Group.
“The new state-of-the-art industrial building is located in one of the region’s most active industrial parks with a well-balanced roster of tenants that include automotive, aerospace, logistics and cold storage users,” said Mr. Barrineau, senior vice president at CBRE. “This building will fill a huge need as the Port of Charleston continues to grow and drive industrial activity in the Southeast.”
Building 1, which totaled 160,000-sq.ft., is fully leased to five tenants that took space varying between 18,000 and 47,000-sq.ft., Building 2 is designed to accommodate tenants 22,000-sq.ft. and larger. The multi-tenant, rear-load facility will feature 32-ft. clear heights, 66 dock doors, an ESFR sprinkler system and auto parking for 299 vehicles. Located along the I-26 corridor in North Charleston, the industrial park is a mile from the Ashley Phosphate interchange, directly connecting to the core of Charleston.
“The future Palmetto Commerce Interchange connecting Weber Boulevard to I-26 only strengthens the already outstanding location of this project,” said Derek Mathis, senior vice president with SunCap Property Group. “We are excited to build on the success of Phase I and look forward to providing the Charleston market with this highly sought after product. We are confident in our CBRE team and anticipate a quick lease-up.”
According to CBRE’s Q2 2021 Charleston Industrial MarketView, there were nearly 1.2 million sq. ft. of industrial product absorption in Q2 alone, bringing the total net absorption to 1.5 million sq. ft. in the first half of 2021. Vacancy saw a record low at 3 percent, which should be alleviated in the future with more than 6.1 million sq. ft. of industrial product under construction.