**Penzance Expands Industrial Portfolio with South Carolina Acquisition**
Washington, D.C.-based Penzance has acquired Southgate 77, a 220,000-square-foot Class A industrial warehouse located in Rock Hill, South Carolina, part of the Charlotte Metropolitan Area. Colliers served as the exclusive advisor on the sale transaction.
This marks Penzance’s first industrial investment in South Carolina, further expanding the firm’s growing presence across the Southeastern United States. Southgate 77 is located at 1203 Galleria Boulevard and offers immediate access to Interstate 77, positioning it as an ideal site for logistics and light manufacturing operations. Completed in 2024, the building is poised to benefit from strong tenant demand and a limited supply of new industrial product in the Charlotte market.
“Southgate 77 represents a significant step in Penzance’s expansion of its industrial footprint into high-growth Southeast markets,” said Bob Bechtel, Vice President of Investments at Penzance. “With its best-in-class construction, strategic connectivity, and access to a robust labor pool, this acquisition is in keeping with our vision of expanding Penzance’s diversified portfolio, delivering long-term value for our investors.”
The addition of Southgate 77 reinforces Penzance’s strategy of strategic investments in premium industrial assets within high-demand markets.
