Cofe Properties recently acquired the Charleston Infill Portfolio for a total of $48.25 million. The portfolio consists of two warehouse properties, totaling 307,492 square feet. Nuveen provided a 5-year fixed-rate loan in the amount of $28.95 million with full-term interest only payments for the acquisition, which was arranged by CBRE.
The team at CBRE Capital Markets’ Debt & Structured Finance division, including Brian Linnihan, Mike Ryan, Richard Henry and JP Cordeiro were responsible for securing the loan.
Both facilities are Class A front-load industrial buildings that are fully leased out to various tenants:
– Located at 4275 Arco Lane and built in 1995 is a facility spanning over 60,640 square feet with seven tenants such as Carrier Enterprises and Perfect10 Distribution.
– Built in1979 is another facility located at4750-4760 Goer Drive measuring approximately246852 square feet with eleven tenants including College of Charleston and Beers Millwork.
These properties are situated within I-526’s North Charleston submarket providing direct access to major highways such as I-26and US52as well as proximity to Charleston International Airport.
