Colliers facilitates $31 million sale of Portside Distribution Center Building B
December 4, 2023
Colliers | South Carolina broker Mark Erickson, SIOR represented the seller, High Bay Distribution, along with the buyer, MSG Portside LLC, in the sale of Portside Distribution Center Building B. The multi-tenanted warehouse, consisting of 203,970 square feet, is located between the new Nexton and Jedburg interchanges on I-26, just 25 miles from the terminals at the Port of Charleston.
This marks the second investment sale within this park involving the two entities. In 2021, Building A was sold for $17 million, setting a record at the time for the highest sale price per square foot for an unleased, under-construction building in the Charleston market. With both buildings 100% leased and now sold, the original joint venture for the two-building Portside Distribution Center development between High Bay Distribution partners, which originated in 2019, has come to a successful completion.
MSG Portside LLC has retained Colliers | South Carolina for leasing and marketing services and awarded the property management to Colliers’ Real Estate Management Services (REMS) team, led by Eric Zimmerman.
“Our continued partnership with MSG Portside at this second Portside Distribution Center building demonstrates the value we offer our clients through collaboration,” said Zimmerman, Director of REMS in Colliers’ Charleston office. “The seamless integration of Colliers’ property management with brokerage services across our statewide platform allows us to better serve our clients. We look forward to maximizing the potential of this property for its owner and future tenants.”
In March 2023, 127,232 square feet in Building B were leased to FNS, a leading third-party logistics firm, and Armstrong Moving and Storage leases the remaining 76,738 square feet.
“Portside Distribution Center is ideally positioned in the center of all the industrial growth happening in the Jedburg and Summerville submarket,” said Erickson, Vice President with Colliers | South Carolina. “The building’s location and access to I-26 makes the property well-suited for any logistics, warehousing or distribution group looking to expand into the Charleston market and take advantage of the aggressive growth and capital improvements at the Port of Charleston.
Erickson oversees the Colliers industrial brokerage team in the Charleston market with a focus on representing owners, buyers and tenants in buying, selling and leasing industrial space.
About Colliers
Colliers | South Carolina is the largest full-service commercial real estate firm in South Carolina with 62 licensed real estate professionals covering the state with locations in Charleston, Columbia, Greenville and Spartanburg. Colliers is an Accredited Management Organization (AMO) through the Institute of Real Estate Management (IREM) and is the largest manager of commercial real estate properties in South Carolina with a portfolio of over 24 million square feet of office, industrial, retail and healthcare properties. Colliers’ staff hold the most professional designations of any firm in South Carolina. Colliers | South Carolina’s partner, LCK, provides project management services for new facilities and renovations across South Carolina.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 65 countries, our 18,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. With annual revenues of $4.5 billion and $98 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.
