CBRE Capital Markets has facilitated the sale of Foxbank Industrial Park, a 201,500-sq.-ft. manufacturing and distribution facility in Moncks Corner, just north of Charleston, SC. Located at 2550 U.S. Highway 52 in Berkeley County, the property is home to anchor tenant Sea Fox Boats, the nation’s leading manufacturer of value-driven saltwater boats. CCP Commercial Real Estate acquired the property.
CBRE’s Patrick Gildea, Bob Barrineau, Brendan Redeyoff, and Matt Smith represented the seller, JL Woode, in this transaction.
“Foxbank Industrial Park is located within a diversified and growing Charleston-area economy that includes tourism, automotive, aerospace and boat manufacturing, defense contracting, and the Port of Charleston-related commerce,” said Mr. Gildea, executive vice president at CBRE Capital Markets. “The investor appetite for industrial investment in the Charleston area is robust, with limited opportunities available in today’s market.
In 2017, the Charleston industrial market has absorbed over 2.6 million sq. ft. of space. This represents a strong annual growth rate of 4.7% when compared to total market inventory. In Q4 2017, absorption topped 700,000 sq. ft. for the sixth time in the last nine quarters.
“Charleston continues to attract new capital into the area as investors across the country look for strong market fundamentals such as rent growth, population growth and low vacancy rates,” said Mr. Redeyoff.
The functional manufacturing and distribution complex is situated on over 30 acres and features 25-35-ft. clear heights, 10,280 sq. ft. of office space, ample power infrastructure, existing bridge cranes, 18 oversized ground-level doors, and an expansive outside storage area.
“It is no secret that industrial demand is tied greatly to the ports and Charleston checks that box as well as a very diversified industrial base in a booming economy,” said Mr. Barrineau.