An investor making its first purchase in the Charleston market has paid $12.5 million for an industrial property on Thorpe Street in Summerville, according to Marcus & Millichap, the brokerage that marketed it.
The buyer was an affiliate of Albany Road Real Estate Partners, a firm with offices in Boston, Nashville and Dallas, SCBIZ reported Oct. 28. The seller was a local private ownership group. The brokerage did not disclose when the sale closed.
The property covers more than 15 acres on four adjacent parcels. Colony Tire Corp. leases the 14,000-square-foot warehouse at 286 Thorpe St., and Quantix Liquid Transport Inc. leases the 8,000-square-foot warehouse at 290 Thorpe St., according to the report.
“Thorpe Street is a great example of a pure industrial outdoor storage play,” Harrison Creason, managing director of investments in Marcus & Millichap’s Charleston office, said in a statement. He said a national tenant occupies most of the site and that the new owner plans to lease out additional improved acreage with direct access to Highway 78.
“Investors continue to chase low-coverage industrial outdoor storage sites in the Southeast, especially in high-growth markets and port cities,” Tyler Brown, an associate of investments at the firm, said in a statement. Brown said the brokerage is seeing more interest from construction, contractor and equipment storage businesses, on top of steady activity from transportation and distribution users.
Creason’s team announced another Charleston-area sale of an industrial property with outdoor storage earlier this month. The team sold 339 Fleming Road on James Island for $3.65 million, SCBIZ reported Oct. 22. That 1.72-acre property has three buildings, seven tenant suites and about 45 parking spaces for boat and RV storage. Charleston County records show it sold Sept. 10 to B2 Charleston Properties LLC, which lists an Atlanta mailing address.
“Small-bay flex-industrial and industrial outdoor storage are seeing strong investor demand as fundamentals continue to perform well in the Charleston MSA,” Creason said in announcing that sale.
