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| 7770 Palmetto Commerce Parkway, Charleston, SC |
CHARLESTON, SC, Nov. 17, 2021 – JLL Capital Markets announced today that it has closed the sale of 7770 Palmetto Commerce Pkwy., a 196,540-square-foot, Class A industrial facility in Charleston, South Carolina.
JLL marketed the property on behalf of the seller, a joint venture between The Beach Company and Samet Corporation. INDUS Realty Trust, Inc. (Nasdaq: INDT) acquired the asset.
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| Pete Pittroff |
The
property also benefits from its direct access to Charleston’s world-class
logistics infrastructure, which includes Charleston International Airport (CHS)
and the Port of Charleston terminals.
Charleston
continues to transform into a premier logistical hub and rapidly developed
locations near the major infrastructure drivers are becoming more difficult to
reproduce.
The property is a Class A rear-load warehouse facility possessing a multitude of above-standard features.
The
facility is partially leased to Cummins, Inc., which carries a large presence
throughout the Charleston market, among many other major regional manufacturers
that include companies such as Mercedes-Benz, Boeing and Volvo.
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| Dave Andrews |
The JLL Capital Markets team representing the seller was led by Senior Managing Director Pete Pittroff, Director Dave Andrews, Managing Director Patrick Nally and Analysts Josh McArdle, Michael Scarnato and Zach Lloyd.
“As
witnessed over the past year, the Charleston industrial capital markets
environment remains exceptionally healthy and continues to progress rapidly,” Andrews
said.
“Charleston
has solidified itself as a top secondary market has become an incredibly
attractive, high-growth market for allocators of core capital.
"The
7770 Palmetto Commerce Pkwy. transaction exhibits the continued influx of
institutional investors to the Charleston market and showcases investor
appetite for higher-yielding, value-add industrial opportunities.”
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| Patrick Nally |
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 and advisory, debt advisory, equity advisory or a
recapitalization.
The firm has more than 3,000 Capital Markets
specialists worldwide with offices in nearly 50 countries.
For
more news, videos and research resources on JLL, please visit our newsroom.
About
The Beach Company
Founded
in 1945 by J.C. Long, The Beach Company is well known for real estate
development in South Carolina.
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| J.C. Long |
The
Beach Company’s diverse real estate interests include residential and resort
properties, office buildings, shopping centers, industrial parks and land
across the Southeast.
With
progressive vision, influenced by a deep reverence for tradition, The Beach
Company’s mission is to create enduring value in every endeavor for generations
to come.
About Samet Corporation
Samet
Corporation is a full-service general contractor and real estate development
firm exceeding clients’ expectations across a broad range of markets since
1961.
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| Josh McArdle |
The company’s project portfolio includes numerous educational, industrial, office, healthcare, retail, multi-unit residential and civic facilities.
Recently
ranked No. 34 on the Engineering News and Record Southeast Top Contractors,
Samet Corporation is headquartered in Greensboro, with offices in Charlotte,
Raleigh, Charleston, Savannah and Wilmington.
About INDUS Realty Trust, Inc. (“INDUS”)
INDUS
is a real estate business principally engaged in developing, acquiring,
managing and leasing industrial/logistics properties.
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| Michael Scarnato |
About
JLL
JLL
(NYSE: JLL) is a leading professional services firm that specializes in real
estate and investment management.
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| Zach Lloyd |
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 more than 95,000 as of
September 30, 2021.
JLL
is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.
For further information, visit jll.com.
Contacts:
Kimberly
Steele
JLL
Manager
Public
Relations
Phone: +1
713 852 3420
Email: Kimberly.Steele@am.jll.com
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