COFE Properties Buys Charleston Portfolio for $48M
COFE Properties has paid $48.3 million for a two-asset industrial portfolio totaling 307,492 square feet in Charleston, S.C. Citimark previously owned the properties, according to CommercialEdge data.
Nuveen issued a five-year, fixed-rate, interest-only acquisition note of $29 million. CBRE arranged the financing on behalf of COFE.
Citimark purchased the duo in 2021 for $25 million, and according to CommercialEdge, First Financial Bank originated a $19 million acquisition loan set to mature in 2028. Simmons Realty was the seller then.
The two properties are less than 1 mile from Interstate 26 and about 2 miles from one another. Charleston International Airport and the Port of Charleston are roughly 5 and 11 miles away, respectively.
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The facility at 4750-4760 Goer Drive, which was completed in 1979, is 246,852 square feet and features 24-foot clear heights and truck courts with a depth of 90 to 128 feet. The College of Charleston, Beers Millwork and American Freight are among the 11 tenants leasing the asset.
Built in 1995, the 60,640-square-foot property at 4275 Arco Lane has 16-foot clear heights and 75- to 110-foot truck court depths, as well as a 20 percent office finish. Seven tenants, including Carrier Enterprises, Perfect 10 Distribution and United Refrigeration, lease the building.
CBRE Vice Chairmen Brian Linnihan and Mike Ryan, as well as Senior Vice President Richard Henry and Director JP Cordeiro, represented COFE Properties in the financing proceedings.
Industrial sales decelerate in Charleston
The industrial investment volume in metro Charleston clocked in at roughly $285 million during the first 11 months of the year, according to CommercialEdge data. Last year’s figure for the same interval was substantially higher, landing at nearly $500 million.
Assets traded at an average of about $80 per square foot year-to-date through November, data from the same source shows. That was below the national average of $128 per square foot.
Just last month, another industrial asset changed hands in Greater Charleston. Stockbridge purchased Building D at Camp Hall Commerce Center Capus 4 from Portman Industrial and Rockpoint. The property in Ridgeville, S.C., spans 1.2 million square feet.
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