Foxbank Industrial Park in Charleston Metro Sells
Feb 13, 2018 12:42PM
By Emily Stevenson
CBRE Capital Markets facilitated the sale of Foxbank Industrial Park, a 201,500-square-foot manufacturing and distribution facility in Moncks Corner, just north of Charleston. 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.
“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 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 square feet of space. This represents a strong annual growth rate of 4.7 percent when compared to total market inventory. In Q4 2017, absorption topped 700,000 square feet 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 Redeyoff.
The functional manufacturing and distribution complex is situated on more than 30 acres and features 25-35 foot clear heights, 10,280 square feet 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 Barrineau.