Growing Interest in Charleston Area Industrial Properties
There is growing demand for the acquisition and leasing of industrial facilities in the Lowcountry, given their potential to help address supply chain issues faced regionally and across the U.S. and world. Their proximity to what is now the 8th largest US maritime port and to fast-growing population centers in the Southeast are contributing factors. Record sales prices are being achieved on existing distribution centers, with purchases being made by large out-of-state and international real estate investment firms. The most recent such purchase topped $109 million for a 1 million-square-foot distribution center in Summerville. Area vacancy rates are also at a historic low as a result of a surge in leasing activity and landlords have increased rental rates in response. Demand is expected to remain strong, given the port’s presence, the area’s strong manufacturing base and labor force. Read more here.
Summerville Community the Setting for HGTV’s “Rock the Block”
Season Three of HGTV’s hit show Rock the Block is set in the Nexton development in Summerville. Hosted by Ty Pennington, the show challenges four pairs of competitors to renovate identical properties into an ultimate oasis over six weeks and each with a $250,000 budget. The competitors - and the 11 judges - are real estate experts from some of HGTV’s other shows. The show airs on Monday nights and this season runs through April 4th. Nexton will be hosting virtual and in-person watch parties and home tours, with opportunities to win prizes. Find out more here.
The (New & Reimagined) Charleston Place
Effective March 1st, downtown’s Charleston Place is under new ownership and beginning its multi-million dollar transformation into an independent luxury hotel owned by the local Beemok Hospitality Group. The hotel will remain open while many of its spaces will be renovated and refreshed and new facilities, services and other offerings introduced. The Group is an affiliate of Beemok Capital, led by local businessman Ben Navarro, and also includes in its asset portfolio The Cooper Hotel now under construction next to Waterfront Park and the Credit One Bank Stadium and LTP Tennis Center on Daniel Island. Read more here.