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, Colliers International. "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."
About North Signal Capital LLC: 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. For more information regarding North Signal Capital LLC, please visit www.northsignalcapital.com.
About Westport Capital Partners LLC: Westport Capital Partners LLC is a real estate investment firm focusing on adding value to real estate and "hands-on" solutions to complex situations. Westportprovides 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, California, Wilton, Connecticut, Bozeman, Montana and London, England. For more information regarding Westport Capital Partners LLC, please visit www.westportcp.com.
About Colliers International| South Carolina: Colliers International| South Carolina has over 150 staff members, including 64 real estate professionals. Total brokerage volume for the firm in 2016 was approximately $634 million involving over 659 sales and leasing transactions. Colliers International is the largest manager of commercial property in South Carolina and is an Accredited Management Organization (AMO) through the Institute of Real Estate Management (IREM), with a portfolio at year-end 2016 of approximately 14 million square feet of office, industrial, retail and healthcare properties. Colliers International's staff holds 53 professional designations, the most of any firm in South Carolina. For more information regarding Colliers International| South Carolina, please visit www.colliers.com/en-us/southcarolina.
About Colliers International Group: Colliers International Group Inc. is an industry-leading global real estate services company with 15,000 skilled professionals operating in 68 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting. For more information regarding Colliers International, please visit www.colliers.com/en-us.