Rushmark Properties secures financing to develop Berkeley Commerce Center in Charleston
September 19, 2024
The largest speculative industrial project in the market to break ground this year
Rushmark Properties announced it has closed on a construction loan with United Bank to develop Berkeley Commerce Center, a multi-building, Class-A industrial campus in Summerville, South Carolina. With site work now underway, Rushmark will commence work this fall on the first two structures’ building pads, which span 775,000 square feet. JLL Managing Director Lee Allen, Senior Managing Director Kevin Coats and Senior Associate Tyler Smith will lead leasing and marketing efforts.
Berkeley Commerce Center is being developed in Jedburg, one of Charleston’s most competitive and premier industrial submarkets. The site fronts I-26, South Carolina’s logistics backbone, which connects the Port of Charleston to I-95 and provide the site access to the largest consumer base in the Western Hemisphere. At 505,440 square feet, the first building will include 2,500 square feet of office space, cross-dock configuration and 36-foot clear heights. At 267,840 square feet, the second building features 1,200 square feet of office space, rear-load configuration and 32-foot clear heights. Rushmark expects to deliver the first two buildings in Q4 2025. The site has the potential for three additional buildings, totaling 2.6 million square feet combined with the first two buildings currently under construction. The project was designed by architects LS3P Associates with civil engineers Thomas & Hutton, and HITT Contracting is the general contractor.
“Historically, Charleston has boomed during periods of uncertainty, and we are confident that short-term headwinds create the ideal, long-term investment opportunity for Rushmark,” said JLL’s Allen. “As the only multi-building project of this size to break ground in the market this year, the constrained construction pipeline will drive tenant demand to Berkeley Commerce Center, further solidifying its attractiveness to a variety of manufacturing or logistics users.”
Berkeley Commerce Center offers seamless connectivity to the MSA’s primary demand drivers, including Charleston International Airport and the Port of Charleston, one of the fastest-growing seaports in the country. Additionally, the market features a robust and diversified workforce, with 72% of the incoming labor pool holding higher education degrees. The facility is being developed in Charleston’s premier industrial pocket, which is also home to Fruit of the Loom, TBC Corporation, Gerber Childrenswear, Curtiss-Wright, Argo Merchants Group, 3G Distribution and IFA Rotorian, among many others.
Founded in 1998, Rushmark is a privately held real estate investment firm committed to developing industrial, multi-family residential housing, mixed-use commercial and retail assets in highly desired geographic areas, primarily in the Mid-Atlantic and Southeast.
“As a privately-owned firm, we can be nimble and bold with our development plans,” said Dan Doty, President of Rushmark. “With the recent pullback in capital markets, we seized the opportunity to bring a premier industrial campus to one of the most compelling locations on the East Coast. The strong market fundamentals, diversified drivers of demand, continued growth of the Port and population growth in the Southeast strategically align with our long-term vision for Berkeley Commerce Center.”
Over the past decade, the Port of Charleston has experienced outstanding growth in total loaded TEUs as a result of key demand drivers such as Southeastern U.S. population growth, the transition from West Coast to East Coast ports, and, more recently, shifts in manufacturing from China to other parts of Asia. Following its completion in December 2022, the Port’s $580 million Charleston Harbor Deepening Project made it the deepest seaport harbor on the East Coast and eliminating tidal restrictions on accessibility. Totaling nearly $2.8 billion, the Port’s comprehensive expansion program is well underway, including the delivery of the new Leatherman Terminal, a new access road connecting to I-26 and the new, dual-access intermodal terminal.
JLL assisted Rushmark in securing the construction loan with United Bank.
For more information on Berkeley Commerce Center, please visit www.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Rushmark Properties
Founded in 1998, Rushmark is a privately held real estate investment firm committed to developing industrial, multi-family residential housing, mixed-use commercial and retail assets in highly desired geographic areas, primarily in the mid-Atlantic and Southeast. With a carefully-managed portfolio, Rushmark has grown into a leader in design, development and ownership of various sustainable projects.
Rushmark’s multi-disciplinary expertise benefits its clients and partners, creating lasting value in the communities it serves. From conceptual design and planning, through financing, construction, leasing, on-going management and disposition, Rushmark has established a reputation as an owner and developer of best-in-class communities, with a focus on sustainability and innovation. Rushmark excels at complex projects where community involvement, creative transaction structures and technical expertise are pre-requisites to a project’s success. Rushmark is a long-term stakeholder in the projects it develops and anticipates being a long-term owner of the real estate it acquires. To date, Rushmark has developed more than $1 billion of real estate.
About United Bank
company in the U.S. based on market capitalization. United is the parent company of United Bank, which comprises more than 225 offices located throughout Washington, D.C., Virginia, West Virginia, Maryland, North Carolina, South Carolina, Ohio, Pennsylvania, and Georgia. United’s stock is traded on the NASDAQ Global Select Market under the quotation symbol “UBSI”.
