Portman Holdings LLC and CapitaLand Ascendas REIT have partnered to begin development of Summerville Logistics Center in Dorchester County.
The development will include two buildings totaling 549,000-square-feet and expected to be completed at the end of 2025, according to a news release. The industrial park will be located along US-78 in Summerville.
“Portman has a proven track record of success in delivering Class-A logistics product, especially in Charleston, and we look forward to experiencing this next chapter of growth and success together,” William Tay, executive director and CEO of CapitaLand Ascendas REIT Management Limited, said in the release.
The campus will include two rear-load facilities and a shared truck court for both the first building of 313,000-square-feet and the second of 236,000-square-feet, the release said.
The logistics center will be about nine miles from Portman’s campus at Camp Hall Commerce Park, contributing to over 2.1-million-square-feet of space the real estate company has delivered over the past two years.
“As Charleston is one of the high-growth markets on the East Coast, our partnership is laser-focused on its commitment to deliver Class-A logistics facilities in this region,” John Gaskin, managing director of industrial for Portman, said in the release. “With robust population and labor growth, highway connectivity, and significant investment in the expansion of the Port of Charleston, manufacturers and retailers are increasingly looking for opportunities to establish or expand operations in this market. We are confident Summerville Logistics Center will effectively meet the demands of a variety of users, especially as we are experiencing low vacancy in the smaller-sized distribution product and a constrained construction pipeline.”
Portman Holdings now has 228 acres and 2.7-million-square-feet of space delivered, under construction or under design, the release said. Having launched in 2021, their portfolio has over $1.2 billion in assets through the U.S.
CapitaLand Ascends REIT is Singapore’s first and largest listed business space and industrial real estate investment trust, having established in 2002, the release said. The company has $16.8 billion in its 229 investment properties across the world.
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“With the success we have seen at Camp Hall, we knew that this market was hungry for more premier industrial development,” Jessica Freese, vice president of development for Portman Industrial, said in the release. “Summerville Logistics Center is in a prime location with unparalleled regional connectivity, and this project will continue to drive industrial growth and momentum forward in Charleston.”
Financing for the construction will be provided by Truist Bank, Lee & Associates having led the leasing efforts for the partnership, according to the release. Frampton Construction will serve as the general contractor, SeamonWhiteside as the civil engineer and McMillan Pazdan Smith as the architect.
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