Class A warehouse facility near Charleston trades for $55M
JLL Capital Markets closed the sale of IFA Rotorion’s North American HQ and sole North American production facility
CHARLESTON, S.C., December 1, 2020 – JLL Capital Markets announced today that it has closed the $55 million sale of a 448,765-square-foot, Class A, state-of-the-art manufacturing and distribution facility leased to IFA Rotorion – North America in Summerville, South Carolina.
JLL worked on behalf of the seller, The Keith Corporation out of Charlotte, North Carolina, and Chicago-based Singerman Real Estate. Solid Rock Group represented the purchaser, an undisclosed domestic family office.
Originally completed in 2018, the facility was expanded in the fall of 2020. It is fully leased to IFA Rotorion – North America, a market-leading automotive supplier of prop shafts and joint competencies. The rear-load building features 32-foot clear heights, ESFR sprinklers, LED lighting with motion sensors, ample parking and minimal office space.
Situated on 32.94 acres at 479 Trade Center Pkwy. in the master-planned Charleston Trade Center, the IFA building is positioned along Interstate 26, one of South Carolina’s main distribution arteries, and equidistant to the Port of Charleston and Interstate 95, which allows the property to service the entire East Coast within two days.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Pete Pittroff and Senior Director Patrick Nally.
“Charleston is a proven logistics and manufacturing market with extremely strong real estate fundamentals,” Pittroff said. “The Keith Corporation has achieved great success at Charleston Trade Center, and this transaction is indicative of capital’s desire to invest in quality assets in growth markets like Charleston.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Solid Rock Group
Solid Rock Group is a full-service real estate investment and advisory firm that works primarily with HNW and offshore investors. The firm’s investment arm is focused on identifying and investing in commercial properties that offer long-term value potential. With extensive experience in asset management, multi-dimensional and complex real estate transactions as well as debt and restructuring transactions, the company is uniquely positioned to identify, evaluate and capitalize on a wide range of potential opportunities. Collectively, the principals of Solid Rock have executed transactions with a total value of $18.0 billion.
About The Keith Corporation
The Keith Corporation is a privately held, full-service commercial real estate firm. Headquartered in Charlotte, North Carolina, TKC has projects in 35 states, Mexico, Australia, Canada and the United Kingdom. Developing over $3 billion worth of commercial real estate over the course of 300 projects, totaling in excess of 27 million square feet for a highly diverse clientele, The Keith Corporation has developed a reputation based on our expertise, accountability and total client satisfaction on its projects.