Charleston-based apartment giant Greystar and PGIM, the asset management arm of Prudential Financial, have finished the first building of their Lowcountry Logistics Center in North Charleston and started construction on two more, the companies said Sept. 8.
Building I, at 7651 Southrail Road, is a 145,463-square-foot rear-loading warehouse with 32-foot clear height, 34 dock doors and two drive-in doors, according to the announcement. Bridge Commercial is leading leasing. The companies did not name any tenants.
Buildings II and III, at 8276 and 8250 Patriot Blvd., will total more than 180,000 square feet, with 32-foot clear heights, the companies said. SCBIZ reported that they are expected to be finished in the second quarter of 2027, bringing the project to about 325,000 square feet.
All three buildings can be divided into suites as small as about 16,000 square feet for distribution, warehousing and manufacturing users, according to the announcement. The sites are near Interstate 26 and Palmetto Commerce Park.
“We are excited to expand our logistics footprint in our own backyard,” said Lex Wille, senior associate for development at Greystar, in the announcement.
Greystar, which the company says is the largest operator of apartments in the United States, broke ground in 2022 on its first Charleston-area logistics project, a 135,200-square-foot warehouse in Mount Holly Commerce Park between Goose Creek and Moncks Corner, The Post and Courier reported at the time.
The buildings are coming online as warehouse vacancy in the region declines. Charleston-area industrial vacancy fell to 11.6% in the third quarter from 12.4% in the second quarter and 13.3% a year earlier, according to CBRE. The market absorbed about 773,000 square feet on net, its seventh straight quarter of positive absorption, while availability stayed elevated at 17%, CBRE said. Average asking rent held at $8.43 per square foot.
“Charleston continues to benefit from strong logistics fundamentals, including access to major transportation infrastructure, a growing labor force and proximity to the Port of Charleston,” said Soultana Reigle, head of U.S. equity for PGIM’s real estate investment group.
