CBRE has arranged the sale of two adjacent industrial development sites totaling 26.44 acres at Camp Hall in Charleston, according to a news release.
Santee Cooper, the state-owned electric and water utility developing Camp Hall, sold the sites to Pure Development for $7.4 million, the release stated.
Robert Barrineau, Brendan Redeyoff and Tim Raber of CBRE represented the seller in the transaction. Dan Camp with Santee Cooper and Adam Seger with Pure Development also worked on the deal.
“Camp Hall is one of the region’s most active industrial parks with a well-balanced roster of tenants that include automotive, EV supply chain, technology, logistics and cold storage users,” Bob Barrineau, a senior vce President at CBRE, said in the release. “These buildings will fill a huge demand as the Charleston industrial market continues to see record demand with historically low vacancy rates.”
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Pure Development will build two speculative industrial buildings on the land located at Camp Hall Commerce Park on Electric Avenue at Campus 1, which is across from Volvo Cars USA, the release stated. Construction is scheduled to start in Q3 2023 and buildings to deliver Q3 2024. Lot 6 will contain a 306,280-square-foot warehouse with 30 dock doors, a 32-foot clear height, 20 trailer spaces, and 375 auto spaces.
Lot 7 will have a 122,180-square-foot warehouse with 13 dock doors, a 32-foot clear height and 100 auto spaces, according to the release. Both buildings are less than two miles to Interstate 26 and are located between major distribution and a new recycling facility at Camp Hall.
“This sale brings more opportunities for economic growth in South Carolina,” said Dan Camp, senior director of real estate and Camp Hall, in the release. “We appreciate CBRE’s efforts in arranging the sale, and we welcome Pure Development to Camp Hall, a people-first, next-generation commerce park.”
Pure Development has selected CBRE’s Bob Barrineau, Brendan Redeyoff and Tim Raber to lease the projects, the release stated. The buildings will be sub-divisible down to 40,000 square feet, offering space options ranging from 40,000 up to 428,000 square feet
“Camp Hall’s economic development success demonstrates the wise investment made by South Carolina, Berkeley County, and Santee Cooper," said Adam Seger, principal at Pure Development. “The U.S. manufacturing renaissance continues to attract capital expenditure tailwinds to mega-parks with infrastructure in place. Pure Development is excited to support the vision and growth ongoing at Camp Hall.”