CBRE Announces $88 Million Loan for Acquisition of Four-Building Industrial Park near Charleston, South Carolina

CBRE announced that it has arranged acquisition financing of TradePark East, a four-building, 837,200-sq.-ft. industrial park in Ladson, S.C., just outside of Charleston. The park was sold for $101.5 million.

CBRE Capital Markets’ Debt & Structured Finance worked on behalf of the borrower, Dogwood Industrial Properties, to secure an $87.8 million loan from Artemis which includes future funding and a phased funding. CBRE’s Brian Linnihan, Mike Ryan, Richard Henry and Taylor Crowder represented the borrower.

“In a market with such limited availability as Charleston, coupled with Dogwood’s top tier sponsorship, TradePark East was one of the most sought-after debt executions we have ever worked on,” said Mr. Linnihan, Vice Chairman with CBRE in Atlanta. “Our team is proud to have connected a great borrow with a great lender to make this deal happen.”

Located along Weber Boulevard just east of Patriot Boulevard, TradePark East features four Class A, high-bay warehouses ranging in size from 145,600 sq. ft. to 343,160 sq. ft. From the time CBRE started marketing the debt until they selected a lender, occupancy at TradePark East rose from 29% to 100%. Construction on all four buildings was recently completed.

Charleston’s industrial market is one of the tightest in the country, according to CBRE research, with a vacancy of just 0.4% across 72.5 million sq. ft. Year-to-date, the area has experienced approximately 6 million sq. ft. of net absorption, only limited by the few existing space options available in the market.