Greystar Breaks Ground on 135,200-SF Industrial Development in Charleston Metro
CBRE Named Exclusive Marketing & Leasing Agent
CHARLESTON, S.C. – August 17, 2022 – Greystar Real Estate Partners, LLC (“Greystar”), a global leader in the investment, development, and management of high-quality real estate, including rental housing, logistics, and life sciences broke ground on a 135,200-sq.-ft. warehouse and distribution center in Monck’s Corner, SC. CBRE has been selected as the exclusive marketing and leasing agent.
Located at Mount Holly Commerce Center, the warehouse and distribution building is Greystar’s first logistics project in Charleston, where the company’s headquarters is located. It will cater to manufacturing and distribution companies with spaces divisible by 50,000 square feet. The rear-load facility is 260’ deep and 520’ wide with 32’ clear height and 28 dock-high doors.
“We’re thrilled at the opportunity to bring Greystar’s logistics platform right in the backyard of our headquarters as demand for industrial space in the Carolinas continues to grow,” said Mary Hager, Executive Director, Global Investment Management at Greystar. “Tapping into key sites like Charleston demonstrates the growth of our platform and ability to quickly meet market demand. We look forward to fueling our pipeline of industrial opportunities for both Greystar and our partners.”
CBRE’s Bob Barrineau, Brendan Redeyoff, and Tim Raber have been retained to market and lease the facility on behalf Greystar. The local team combined with Trey Barry, Vice Chairman with CBRE’s National Partners also represented the seller on Greystar’s acquisition of the 13.53-acre site in Mount Holly Commerce Park.
“The Charleston metro is continuing to see record levels of demand for industrial space, particularly among tenants looking for 50,000 to 135,200-sq.-ft. facilities,” said Barrineau. “We’re excited to team up with a well-respected developer like Greystar to provide best-in-class product in the Charleston metro.”
The development is situated minutes from Highway 52 with quick access to Interstate 26 and well positioned in Berkeley County. The building is scheduled for completion in the first quarter of 2023. Roebuck Builders is the general contractor on the project.
Industrial demand in the Charleston region remained strong with 5.6 million sq. ft. of positive absorption for 2022, according to CBRE Research. Vacancy remained at an all-time low in the second quarter of 2022 at 0.50 percent, while developers are gearing up to meet demand with 7.36 million sq. ft. of speculative and build-to-suit space under construction.
Greystar is a leading, fully integrated real estate company offering expertise in investment management, development, and property management of rental housing and adjacent sectors, including logistics and life sciences globally. Headquartered in Charleston, South Carolina, Greystar manages and operates over $221 billion of real estate in 224 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages over 768,000 units/beds, and has a robust institutional investment management platform with more than $58.2 billion of assets under management, including over $24 billion of development assets. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
Greystar Media Inquiries
+1 215 398 0628
CBRE Media Inquiries
+1 248 351 2006