North Signal announced the acquisition of a fully entitled, light-industrial zoned,10.1 acre land parcel from, a joint venture owned by an affiliate of North Signal Capital LLC and a fund managed by Westport Capital Partners LLC (the “Joint Venture”). North Signal is simultaneously announcing its plan to develop a +/- 125,000 SF multi-tenant industrial building at this site, 1014 Northpointe Industrial Boulevard, with an expected delivery in June 2022.
The transaction represents an effective conclusion of a successful joint venture between Westport Capital and North Signal Capital involving three land parcels within North Pointe Commerce Park. As has been previously reported, the two other parcels, 7413 Magi Road and 1017 Northpointe Industrial Boulevard were successfully developed into a 313,650 SF built to suit for lease by SAIC and a 247,000 SF building fully leased to Expeditors, respectively. These buildings were sold to Stockbridge and LBA Realty, in 2019 and 2021, respectively. In addition, North Signal and Westport successfully partnered on a two-building development in Savannah, GA totaling +/- 450,000 SF. The two-building development was fully leased to logistics players Port Logistics Group and SLM Group, and subsequently sold to Lexington Partners in 2020.
About North Signal Capital LLC
North Signal Capital LLC is a real estate investment and development firm with offices in Stamford, CT and Charleston, SC. North Signal seeks to maximize risk-adjusted returns by employing a value-based approach to real estate investing. North Signal targets investments supported by long term secular trends. For more information regarding North Signal Capital LLC, please visit www.northsignal.com.