1141 Remount Road in North Charleston, South Carolina — Courtesy: Accordia
By Joshua Burd
Accordia has purchased more than 305,000 square feet of industrial space in South Carolina, marking its first acquisition in the state and the largest in its 20-year history.
The firm, which is based in Fairfield, paid $48.05 million for the two-building portfolio at 1101 and 1141 Remount Road in North Charleston. It noted that the 305,114-square-foot Remount Business Park is 90 percent leased, benefiting from its proximity to the Charleston International Airport and to highways such as interstates 26 and 526.
It’s also directly across the street from the Naval Information Warfare Center’s Atlantic Base and immediately adjacent to the North Charleston Port Terminal and rail line.
“Remount Business Park has a lot of unlocked potential, our plan is to upgrade the entire campus and give it a brand-new reputation for both our existing and new tenants,” said Frank Recine, a principal with Accordia. “Its location is second to none in North Charleston, and we plan on matching that with a significant set of improvements worthy of our tenants and asset.”
Sitting on 25.88 acres, the single-story dual-flex buildings have flexible floor plates that can accommodate a range of operations and industrial tenant needs, including defense organizations, one of North Charleston’s top growing industries, the firm said. Both facilities have steel frames and reinforced concrete tilt-up walls, featuring six dock slips, 13 drive-in doors, 18-foot clear ceiling heights and 240-foot truck courts.
“This asset is a strategic acquisition for us, as it expands our Southeast platform into a new region and state and allows us to keep connecting the portfolio up and down the eastern seaboard,” said Jason Bogart, a principal with Accordia. “A year ago, we put our new acquisition program into place, and it’s been working exactly as planned — this is our sixth closing in less than 12 months as we close in on our goal of $100 million in new deals by year end.”
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