Rushmark Lands $48M for 2.6 MSF Industrial Campus
This is the market's largest speculative industrial project of 2024.
Rushmark Properties has closed on construction financing for Berkeley Commerce Center, an upcoming industrial campus in Summerville, S.C., set to comprise 2.6 million square feet. United Bank provided the $48.3 million loan, according to Charleston County public records.
JLL arranged the deal and will also handle leasing and marketing efforts. Other partners on the largest speculative industrial project to break ground this year in the area include general contractor HIIT Contracting, civil engineer Thomas & Hutton and architecture firm LS3P Associates.
With site work underway, the developer will start construction of the first phase of the project this fall. The first structures to come online will be a pair of facilities comprising 505,450 and 267,840 square feet. Completion of these buildings is scheduled for the fourth quarter of next year.
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The larger building will have 36-foot clear heights and a cross-dock configuration, 185-foot truck courts, as well as 2,500 square feet of office space, 144 trailer stalls, 60 dock-high loading doors and four drive-in doors. The other warehouse will provide rear-load services, along with 32-foot clear heights, 53 dock loading doors, two drive-in doors, 72 trailer stalls and 1,200 square feet of office space.
The campus will come online in three phases, according to the property’s brochure. The second phase will add two buildings (617,760-square-foot and 903,960-square-foot), while the third phase will comprise a 340,200-square-foot facility.
The 295-acre campus carries the address 2of 38 Woodpatch Hill Lane and will front Interstate 26. Downtown Charleston and the Port of Charleston will be within 30 miles, while Charleston International Airport will be some 22 miles away.
JLL Managing Director Lee Allen, Senior Managing Director Kevin Coats and Senior Associate Tyler Smith will lead leasing and marketing efforts.
Charleston facilities come online vacant
For the first time since 2013’s first quarter, Charleston’s industrial vacancy rate reached double digits in the second quarter of this year, driven by the completion of several projects that were fully vacant, a Cushman & Wakefield industrial report shows. Year-to-date through June, about 4.2 million square feet of industrial space came online in the metro.
In July, Portman Industrial acquired 40 acres for the construction of Summerville Logistics Center, a 536,000-square-foot project in Charleston. The two-building park is scheduled to come online next February.
Earlier this year, Robinson Weeks Partners broke ground on Charleston Global Crossing, a 635,328-square-foot industrial building in North Charleston, S.C. The developer financed the construction with a $40.1 million loan from Bank of Texas.
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