North Signal Capital Completes Leasing at Charleston Industrial Asset
A North Signal Capital LLC affiliate-led joint venture recently announced the complete property lease-up of the logistics space at North Pointe Commerce Park.
Located at 1014 Northpointe Industrial Blvd. in Hanahan, S.C., the logistical property was completed last year and incorporated roughly 127,200 square feet of Charleston industrial space for lease. Designed to the highest institutional standards, the class A asset occupies a 10-acre lot with convenient access to Interstate 26 and boasts tilt-up concrete construction, 32-foot clear height, ESFR sprinkler systems, and LED lighting.
Peter Fennelly, Simons Johnson, Hagood Morrison, Will Crowell, and John Beam at Bridge Commercial — who worked on behalf of North Pointe Commerce Park — recently signed four new leases that brought the property to 100% occupancy: Concept Packaging Group; trucking company Bulldog Hiway Express; warehousing and logistics provider C&C Warehouse; and Bedra, a Berkenhoff GMBH company.
Peter Fennelly, president of Bridge Commercial, commented on the appeal of the asset: “1014 Northpointe is a great example of the type of building most in demand right now in Charleston, as well as other Southeast markets, class A in-fill, catering to tenants in need of smaller spaces. I expect these tenants to call 1014 Northpointe their home for many years to come.”
Peter Goulding, partner at North Signal Capital, added: “We are thrilled to support our new tenants as they grow their businesses and help power the economic engine of Charleston. We’re also quite happy to provide much-needed Class A space to tenants operating in under 50,000 square feet.”
U.S. Industrial Real Estate Sector Continues to Trend Firmly Upward
According to the April national industrial report published by CommercialEdge, the industrial real estate sector continued to show strong performance through Q1 2023 — industrial vacancy rates averaged 3.9% nationally and remained in the low single digits across the country, with only seven of the top 30 industrial metros seeing vacancy of 5.0% or more.
Specifically, in March, national in-place rents for industrial space averaged $7.15 per square foot, which marked a 7.1% year-over-year increase. Meanwhile, large, coastal markets continued to lead the way in terms of rent growth, with Inland Empire, Calif., industrial space posting the highest year-over-year increase (16.3%), followed by the neighboring Los Angeles market (13.1%) and Boston (9.7%).
What’s more, roughly 127 million square feet of new industrial space was delivered during the first quarter of this year, and nearly 637 million square feet more was under construction as of March across the top markets tracked by CommercialEdge.
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