Mar 24, 2022, 08:47 ET
Class A Multi-Tenant Industrial Building is Expected to Deliver in August 2022
Bridge Commercial Will Serve as Owner's Leasing Representative
CHARLESTON, S.C., March 24, 2022 /PRNewswire/ -- Today, North Signal is pleased to announce that onsite construction activity is underway on its fully entitled, light-industrial zoned,10.1 acre land parcel. This announcement follows a recapitalization of the project in which North Signal partnered with a private family office, completed design and received all necessary land disturbance permits. North Signal's planned +/- 127,200 SF, Class A multi-tenant industrial building, located at 1014 Northpointe Industrial Boulevard, is expected to deliver in August 2022.
This development project is North Signal's third project within North Pointe Commerce Park. As previously reported, the two other parcels located at 7413 Magi Road and 1017 Northpointe Industrial Boulevard were successfully developed into a 313,650 SF built to suit for lease by SAIC and a 247,000 SF speculative building fully leased to Expeditors, respectively. These buildings were sold to Stockbridge and LBA Realty, in 2019 and 2021, respectively.
The North Signal planned +/- 127,200 SF building designed for multiple tenants will match the same Class A design standards employed across all of its projects. The facility will be designed to highest institutional standards including tilt-up concrete construction, 32-foot clear height, ESFR sprinkler systems, and LED lighting. The project will also benefit from a cohesive design, construction and leasing teams. The construction team will be led by Evans General Contractors and include LS3P, Thomas & Hutton, LJB, and OMNI Partners. North Signal has developed or is developing nearly six million square feet in Charleston, SC, Savannah, GA and Jacksonville, FL largely with this same team of key project team members. Bridge Commercial will be the listing agent on the planned spec building. Bridge had previously served as listing agent for both 7413 Magi Road and 1017 Northpointe Industrial Boulevard.
"We are excited construction is underway at 1014 Northpointe Industrial Boulevard. Industrial vacancy rates in Charleston are approximately 1.7% and the market continues to have great demand. The Port of Charleston continues its expansion and as corporate users choose Charleston over markets with higher-taxes, higher costs of doing business and higher-costs of living, more industrial development is needed. North Signal has demonstrated and proven the corporate preference for the North Rhett submarket. More importantly, North Signal will be addressing the needs requiring Class A space between 20,000 and 40,000 SF. These needs are currently underserved across Charleston" said Peter Fennelly, President, Bridge Commercial.
North Signal will be represented by Peter Fennelly, Simons Johnson, Hagood Morrison, John Beam and Will Crowell at Bridge Commercial.
About North Signal Capital LLC
North Signal Capital LLC is a real estate investment and development firm with offices in Stamford, CT and Charleston, SC. North Signal seeks to maximize risk-adjusted returns by employing a value-based approach to real estate investing. North Signal targets investments supported by long term secular trends. For more information regarding North Signal Capital LLC, please visit www.northsignal.com.
About Bridge Commercial
Bridge Commercial is a regionally-focused commercial real estate firm headquartered in Charleston, SC. Bridge's brokers are best in class and known nationally for their experience and expertise. The firm offers a variety of services including tenant representation, owner representation, investment sales, strategic planning, site selection, and consulting services. For more information regarding Bridge Commercial, please visit www.bridge-commercial.com.
SOURCE North Signal Capital LLC
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