Clarion Partners Pays $25M for Charleston Asset
Clarion Partners has acquired Jedburg Logistics Park Building 2, a 158,340-square-foot Class A distribution facility in Summerville, S.C., within the Charleston, S.C. market. The company paid approximately $25.3 million for the asset, according to CommercialEdge data.
The seller is a joint venture between Trinity Capital Advisors and Hartford Investment Management Co. JLL negotiated on behalf of the partnership.
Recently completed, the facility at 237 Jedburg Road includes 32-foot clear heights, 25 dock doors, two drive-in doors, ESFR sprinkler system, 170 vehicle parking spots and 19 trailer parking spots. The industrial property is fully leased by Amazon, that uses it as a warehouse and distribution center, CommercialEdge data shows.
Trinity Capital Advisors developed Jedburg Logistics Center, marking its second industrial speculative project in the region. The campus also includes the 621,920-square-foot Building 1 at 241 Jedburg Road.
Jedburg Logistics Park is on a 115-acre lot, close to Interstate 26 and to U.S. Route 78. Charleston International Airport is 22 miles southwest, Port of Charleston is 30 miles away, while downtown Charleston within 34 miles of the site.
Charleston’s industrial vacancy rate decreased
Charleston ended the third quarter of 2024 with an industrial vacancy rate of 11.9 percent, according to a Cushman & Wakefield report. For the first time in six quarters the rate inched down, falling 50-basis-points from the second quarter. New leasing activity totaled more than 1.4 million square feet in the third quarter, the highest amount in more than six quarters.
A notable industrial acquisition that closed recently is Stockbridge’s purchase of a 1.2 million-square-foot industrial property in Ridgeville, S.C. The company picked up Building D at Cam Hall Commerce Center from a joint venture, represented by JLL.
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