A New Jersey-based real estate and development firm made its first land buy in South Carolina with plans to develop an industrial site.
The Silverman Group bought two parcels from the WestRock/Rockefeller joint venture. The deal closed Wednesday. The land, a combined 80 acres, is situated within a Foreign Trade Zone near the new Nexton Interchange in Summerville.
The company said it will soon start construction on a speculative building that will front Interstate 26. Building One will be a 562,000-square-foot cross-dock industrial building, set to open by the end of the year. It will have 36-foot clear heights, dock doors and trailer storage.
Toby Nelson, The Silverman Group’s leasing vice president, said the building could house automotive and aerospace suppliers, manufacturers, distribution companies or port-related operations. The firm would ideally like one tenant to occupy the entire building, although dividing the space up for multiple tenants is an option.
Nelson said the firm had been looking to build in the Lowcountry market for several years. The entire investment, including purchase price, will be about $65 million.
The company is also considering build-to-suit projects — up to 520,000 square feet — within the foreign trade zone.
“We are excited to expand our Southeastern industrial development pipeline with the recent acquisition of the two development parcels at the Foreign Trade Zone in Summerville,” The Silverman Group President Blake Silverman said in a statement. “The greater Charleston market has been a focus for our firm over many years, as a result of the surging market growth and fundamentals of the Port of Charleston and the surrounding areas.”
The Silverman Group is a family owned, privately run company that owns and manages more than 12 million square feet of office, industrial, retail and aviation properties. It also owns 3,000 multifamily units.