Marcus & Millichap Brokers $12.5M Sale of Industrial Warehouse Property Near Charleston

Marcus & Millichap (NYSE: MMI), a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of 286 and 290 Thorpe St., an industrial property in Summerville, South Carolina. The asset sold for $12.5 million.

“Thorpe Street is a great example of a pure industrial outdoor storage play,” said Harrison Creason, managing director investments in Marcus & Millichap’s Charleston office. “A national tenant already occupies the majority of the site, and the asset includes additional improved acreage with direct access onto Highway 78 that the new owner plans to lease-up. We received interest from both private and institutional investors and ultimately closed with an out-of-state buyer making their first acquisition in the Charleston market.”

Creason, Andrew Margulies, and Tyler Brown of Marcus & Millichap exclusively marketed the property on behalf of the seller, a local private ownership group, and procured the buyer, an affiliate of Albany Road Real Estate Partners, who maintains offices in Boston, Nashville, and Dallas.

The property includes 15.02 acres and two warehouses across four adjacent parcels. The 14,000-square-foot warehouse at 286 Thorpe St. is leased by Colony Tire Corporation and the 8,000-square-foot warehouse at 290 Thorpe St. is leased by Quantix Liquid Transport, Inc. The property is close to Interstate 26 and 20 miles from the Port of Charleston.

“Investors continue to chase low-coverage industrial outdoor storage sites in the Southeast, especially in high-growth markets and port cities,” added Tyler Brown, associate investments. “The Charleston market benefits from strong fundamentals across both traditional industrial and IOS properties. In addition to continued activity from transportation and distribution users, we are seeing an increase in activity from construction, contractors and equipment storage related businesses, reinforcing our confidence in the long-term outlook for the IOS sector.”