Class A distribution facility in Charleston sells to LBA Realty

JLL Capital Markets closed the sale of North Pointe B on behalf of a joint venture owned by North Signal Capital and a fund managed by Westport Capital Partners

 JLL Capital Markets announced today that it has closed the sale of North Pointe B, a fully-leased, 247,000-square-foot, Class A distribution facility situated at an irreplaceable port-proximate location in the Charleston-area community of Hanahan, South Carolina.

JLL worked on behalf of the seller, a joint venture owned by North Signal Capital and a fund managed by Westport Capital Partners. LBA Realty purchased the asset.

North Pointe B is fully leased to Expeditors International of Washington, Inc. (NASDAQ: EXPD), one of the world’s largest and strongest global logistics companies. Completed in 2018, the LEED-certified building features 32-foot clear height, ESFR fire protection and energy efficient LED lighting throughout.

Situated on 19.55 acres at 1017 North Pointe Industrial Blvd., the facility sits within the North Pointe Business Campus, a 2.2-million-square-foot master-planned industrial park offering direct connectivity to the region’s primary distribution arteries Interstates 26 and 95. Additionally, the facility is positioned at an irreplaceable location in the supply constrained Hanahan/North Rhett submarket proximate to Charleston’s major logistical linkages, which include the Port of Charleston, Charleston International Airport (CHS) and the Norfolk Southern/CSX rail hub.

The JLL Capital Markets team representing the seller was led by Managing Director Patrick Nally, Senior Managing Director Pete Pittroff and Associate Dave Andrews.

“Evidenced by the North Pointe B transaction, Charleston’s diverse economy and strong growth fundamentals continue to attract core capital sources to the market,” Nally said. “North Point B was a highly competitive process and represents a significant repricing of industrial for the Charleston market. We’re excited to have been a part of such a market-moving trade and would like to thank the North Signal, Westport and LBA deal teams on a successful transaction.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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