Obelisk Real Estate Partners has secured USD 86.2 million in acquisition financing for an industrial portfolio in Charleston, South Carolina. The financing was provided by Barings. JLL, represented by Peter Rotchford, Christopher Peck, and Nicholas Thorton, brokered the transaction, for which the seller was CenterPoint Properties. The portfolio comprises three buildings with a total area of approximately 817,000 square feet.
Ryan Naumes, Managing Director at Barings, stated that his company already has an established relationship with Obelisk. He highlighted that the acquired portfolio is located in one of the United States' “most attractive industrial markets in the Southeast”. Naumes further emphasised that the portfolio's logistics and port-centric location aligns well with Barings' strategy to focus on high-quality industrial properties in markets with sustainable demand drivers.
Strategic Location and Value Creation Plan
The portfolio, currently 62 percent leased, is expected to undergo value enhancement by Obelisk Real Estate Partners. This is planned through new investments in the form of capital improvements. Both Obelisk and Barings highlighted the advantageous location of the properties. Via Interstate-26 and Interstate-526, the portfolio is connected to key demand drivers, which underscore the importance of this location.
- —Port of Charleston
- —North Charleston Terminal
- —Boeing production facility
Jake Meskin, Acquisitions Associate at Obelisk Real Estate Partners, confirmed that Charleston's industrial sector continues to show strong momentum. For this reason, Charleston is a key focus market for Obelisk. The acquisition underscores confidence in the continued development of the regional industrial market and the strategic importance of the logistics infrastructure in this region.
This transaction reflects the ongoing interest of institutional investors in industrial real estate in key markets, particularly where robust infrastructure and strong economic indicators are present. The combination of existing tenants, a clear value creation plan, and strategic support from Barings positions this portfolio for future growth.
