CBRE Announces $28.95 Million in Acquisition Financing for Two-Building Industrial Infill Portfolio in Charleston, South Carolina

CBRE has arranged a $28.95 million loan for the acquisition of Charleston Infill Portfolio, a two-building industrial portfolio totaling 307,492 sq. ft. in Charleston.

Brian Linnihan, Mike Ryan, Richard Henry, and JP Cordeiro with CBRE Capital Markets’ Debt & Structured Finance in Atlanta represented the borrower, Miami-based COFE Properties, who purchased the property for $48.25 million. Nuveen provided the 5-year fixed-rate, full-term interest only loan.

The portfolio comprises two, Class A front-load industrial facilities that are 100% leased:

• 4275 Arco Lane is a 60,640-sq.-ft facility built in 1995. It features 16’ clear heights, 75’-110’ truck court depths, and only 20% office finish. The property is leased to seven tenants, including Carrier Enterprises and Perfect 10 Distribution.
• 4750-4760 Goer Drive is a 246,852-sq.-ft. facility built in 1979. It features 24’ clear heights, 90’-128’ truck court depths, and only 10% office finish. The property is leased to 11 tenants, including the College of Charleston and Beers Millwork

“The portfolio’s irreplaceable infill location and mark-to-market opportunity enabled the borrower to source favorable debt terms,” said Brian Linnihan, a Vice Chairman with CBRE in Atlanta. “We’re pleased to have helped our client secure financing that aligns with its overall investment strategy.”

Situated in the North Charleston submarket within I-526, the facilities provide direct access to I-26, US 52, and the Charleston International Airport. They are only 10 miles from the Port of Charleston, the 6th busiest and fastest-growing U.S. container gateway.