Portman, CLAR Embark on Logistics Center in Charleston
Portman Holdings and CapitaLand Ascendas REIT have broken ground on Summerville Logistics Center, a two-building industrial campus in Charleston, S.C, 25 miles from the Port of Charleston.
Construction of the 549,000-square-foot complex along U.S. Route 78 in Dorchester County should be completed in the fourth quarter of 2025.
Truist Bank provided construction financing for the development that is expected to cost $70.5 million. Frampton Construction serves as general contractor and McMillan Pazdan Smith is the architect.
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Upon delivery, the campus will include two rear-load facilities with a shared truck court. The first building will be 313,000 square feet, while the second one will measure 236,000 square feet. The center will have two access points, allowing better connections to Interstate 26 and other transportation networks. Lee & Associates leads the leasing at the property targeting a LEED Silver certification.
Summerville Logistics Center is being developed 9 miles from Portman’s 188-acre Camp Hall Commerce Park campus. Portman has delivered four Class A buildings totaling more than 2.1 million square feet in the past two years.
One of those buildings, the 1.1 million-square-foot Building D, was fully leased and sold to an institutional investor earlier this month.
Charleston, an attractive industrial market
Since launching its industrial business line in 2021, Portman’s Charleston industrial portfolio has grown to 228 acres and 2.7 million square feet of space delivered, under construction or designed.
“South Carolina has long been attractive to the manufacturing industry due to generous state and county-level incentives and as a right-to-work state,” Alex Irwin, senior vice president of Industrial & Investment Services at Avison Young, told Commercial Property Executive.
According to Irwin, Charleston’s industrial market specifically has benefitted from the Port of Charleston’s growth over the past few years. The pandemic-fueled online shopping boom further contributed to the metro’s development.
“While we’ve seen a slowdown in leasing activity over the past year due to the macroeconomic headwinds, overall activity sits above pre-COVID levels and is poised to even out as the market corrects from record-high levels,” he concluded.
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