July 9, 2019— JLL announces the $35.5 million sale of a 313,650-square-foot, newly delivered, state-of-the-art distribution and light assembly facility that is a build-to-suit for Science Applications International Corporation (SAIC) in Charleston, South Carolina.
The SAIC build-to-suit is 100% leased on a triple-net basis to SAIC, one of the U.S. government’s top defense contractors. Delivered in June 2019, the facility features a minimum 32-foot clear height, ESFR sprinkler system, a fully conditioned warehouse and tilt-up concrete construction with an attractive glass-lined facade. Located at 7413 Magi Road, the building is adjacent to the Naval Space and Warfare Systems Command (SPAWAR) campus, one of SAIC’s longstanding federal customers. Situated on 23.09 acres at 7413 Magi Road, the facility is in Hanahan, a northern Charleston suburb, and situated within North Pointe Commerce Park, a master-planned industrial park that is strategically positioned to house defense, manufacturing and logistics-oriented tenants. The building is equidistant to both Interstates 26 and 526 and proximate to the Port of Charleston, the CSX/Norfolk Southern Intermodal Yard and the Charleston International Airport.
The JLL Capital Markets team representing the seller consisted of director Patrick Nally, senior managing director Chris Norvell and associate Mike Massardo.
“This transaction represented an opportunity to acquire a true trophy-quality, core industrial asset in the land constrained Hanahan/North Rhett submarket,” Nally said. “This submarket – and specifically North Pointe Commerce Park – has displayed incredible fundamentals over recent years and has established itself to be one of the preeminent defense- and port-related industrial locations in the region. Charleston possesses a dynamic array of industrial demand drivers, and we continue to see institutional investors view the market favorably for its long-term growth potential.”