Industrial property in premier Charleston Trade Center sold
JLL Capital Markets facilitates the sale of the 136,500-square-foot industrial property
CHARLESTON, July 13, 2021 – JLL Capital Markets announced today it closed the sale of 553 Trade Center Pkwy at the Charleston Trade Center, one of the premier industrial parks in Charleston, South Carolina.
JLL worked on behalf of the developer and seller, The Keith Corporation, to complete the sale to the buyer, LBA Logistics.
Built in 2019, the 136,500-square-foot Class A building is 100% leased to Thorne Research Inc. and Advanced Packaging Solutions & Products Inc. The industrial property is a rare, small-footprint building, which has become increasingly desirable amongst investors, as development costs continue to rise.
The building is strategically positioned adjacent to I-26, which provides seamless access throughout the surrounding region. The location also provides direct access to the Charleston International Airport (CHS), the Port of Charleston and large local manufacturers including Mercedes-Benz, Boeing and Volvo.
The explosive industrial market throughout the pandemic had to quickly shift to meet the increasing demands of consumers, as logistics and parcel delivery became the most active industry, according to JLL’s most recent Industrial Tenant Demand Study. In addition, JLL’s Q1 2021 Industrial Outlook stated that the market delivered 55.8 million square feet in that quarter alone.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Pete Pittroff, Managing Director Patrick Nally, Director Dave Andrews and Analysts Michael Scarnato and Josh McArdle.
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 deliver 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 $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
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 30 million square feet for a highly diverse clientele, The Keith Corporation has developed a reputation based on its expertise, accountability and total client satisfaction on TKC projects.
About LBA Logistics
LBA Logistics operates a portfolio of industrial properties that total over 68 million square feet located throughout the United States including state-of-the art, high bay distribution space, light manufacturing, multi-tenant business parks and R&D space. Their facilities provide a unique variety of industrial space for its customers both large and small. The locations range from major port and airport adjacent locations including Los Angeles, Oakland, San Francisco, San Diego, New Jersey, New York, Miami, and Seattle to more regional inland locations such as Dallas, Denver, Phoenix, Chicago, and Las Vegas. LBA has offices in Irvine, San Francisco, Seattle, Denver, Chicago, Dallas, New York and Tampa.