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Chicago firm pays $29M to add to Charleston warehouse portfolio

By John McDermott  |  The Post and Courier

N Rhett

A Chicago company has invested $29 million to beef up its portfolio of port-driven real estate in the Charleston region.

CenterPoint Properties acquired the 34-acre North Rhett Commerce Center in Hanahan on Tuesday, Berkeley County land records show.

The property at 5801 North Rhett Avenue includes two large warehouses with a combined 511,300 square feet of space.

The seller was an affiliate of Charlotte-based Beacon Partners, which paid $19.3 million for the industrial park in 2013.

“The North Rhett acquisition is a strategic opportunity for CenterPoint to acquire and reposition highly functional, infill, rail-served assets located in close proximity to the Port of Charleston,” said PJ Charlton, senior vice president of investments at CenterPoint.

The site includes about six acres of undeveloped land that can be used for parking or building expansions.

“The Port of Charleston is one of the fastest-growing ports in the country,” Charlton said in a statement. “It is exciting to expand our East Coast portfolio with buildings that offer the logistics advantages of ports, rail and highway.”

The acquisition brings CenterPoint’s total investment in the Charleston region to more than $71 million since last summer.

Earlier this year, the Illinois investment firm acquired a 1.6-million-square-foot portfolio of industrial buildings in South Carolina, Georgia and Alabama from Spartanburg-based Johnson Development Associates. That deal included the 52-acre Jedburg Commerce Park along U.S. Interstate 26 near Summerville, which fetched $20.9 million.

CenterPoint entered the local market in August 2015 with its purchase of a 305,423-square-foot warehouse at 1020 North Pointe Industrial Blvd., which is off of Henry J. Brown Jr. Boulevard in Hanahan. The sale price was about $21.4 million.

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