Sale of CRBC IV represents the final development phase and sale of Childress Klein and Amstar’s 1.1 million square foot development within the Charleston Regional Business Center
CHARLESTON, SOUTH CAROLINA (December 21, 2016) – Joint venture partners Childress Klein and Denver-based Amstar announced today the sale of CRBC IV, a newly-built 280,000 square foot Class “A” warehouse to an affiliate of Exeter Property Group, a leading investor and operator of industrial properties throughout the United States and Europe.
From 2007 through 2016 the partnership developed and subsequently sold four institutional quality industrial buildings within Charleston Regional Business Center (CRBC) totaling 1.1 million square feet. CRBC is one of Charleston’s premier master-planned industrial parks totaling 2.45 million square feet and home to major national corporate tenants such as Wal-Mart, Lowes, and Forward Air.
“Amstar is very proud to have partnered with Childress Klein in delivering and selling over one million square feet of needed institutional industrial product in the rapidly growing Charleston market.
This investment is reflective of Amstar’s strategy of creating value in high growth markets via strong relationships with well-respected developers and operating partners,” remarked Amstar Senior Vice President Brian Cornell.
“We value our strong partnership with Amstar and the opportunity the partnership provided for us to develop a variety of solutions for industrial space in the Charleston area,” stated Matt Harper, Industrial Partner at Childress Klein. “We believe industrial development is the cornerstone to economic development and look forward to our continued involvement in the strategic growth of the area.”
Christopher Norvell of HFF represented the seller.
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