Remount Business Park at 1101 and 1141 Remount Road in North Charleston, South Carolina — Courtesy: CBRE
By Joshua Burd
Accordia has landed $36.9 million in financing and $17 million in joint venture equity for its recent acquisition of a South Carolina industrial park, in a set of deals arranged by CBRE.
The brokerage team, which is based in Saddle Brook, said CIBC provided the acquisition loan in connection with the two-building, 305,114-square-foot portfolio at 1101 and 1141 Remount Road in North Charleston. An institutional partner provided the equity to Fairfield-based Accordia, which paid $48.05 million to purchase the Remount Business Park from Accesso Partners and Partners Group.
The CBRE team of Matthew Pizzolato and Josh Stein arranged both capital markets transactions. The firm’s Patrick Gildea, Matt Smith, Robert Hardaway, Charlie Carmody, Chip Sealy and Will Yowell, along with Newmark’s Jay O’Meara, Justin Parsonnet and Ryan Reeth represented the seller.
“We continue to see strong demand from both equity and debt capital providers, particularly for well-located, multitenant industrial properties in high-growth infill markets such as Remount Business Park,” Pizzolato said. “Remount is ideally positioned to benefit from Charleston’s strong fundamentals, limited supply of flex industrial product, and significant tenant demand for this type of space.”
Sitting on 25.88 acres, the Remount Business Park is 90 percent leased to seven tenants and has steel-frame and concrete tilt-up wall construction, 18-foot clear ceiling heights, six dock slips, 13 drive-in doors and 240-foot truck courts, CBRE said. The layout includes flexible floor plates designed to support a range of tenant sizes and operational needs.
It also has direct access to interstates 26 and 526 and is minutes from Charleston International Airport, CBRE said, while it neighbors the Naval Information Warfare Center and is adjacent to the North Charleston Port Terminal, placing it in one of the nation’s top emerging industrial markets.
Accordia’s Jason Bogart, Benjamin Morgenthal, Frank Recine and Christopher Hayes led the in-house team in the transaction.
Accordia expands to South Carolina, acquires 305,000 sq. ft. industrial park for $48 million
