Category Archives: CHS Industrial-Warehouse-Port
CHS Industrial-Warehouse-Port Economic News/Announcements
Boeing, BMW, Volvo, Mercedes, a successful inland port, new rail access, and some 1M containers a year are all creating the need for new warehouses and developers are listening and building. David Wren has the story here for The Post and Courier.
With linkage to the Port of CHS, large European company ThyssenKrupp will open a 39,000 SF distribution center in Palmetto Commerce Park in North Charleston. David Wren has the announcement here.
Since 2009, refrigerated cargo at the Port of CHS has increased by nearly 40% to about 45,000 containers. David Wren has the story here that includes a 12-fold increase in refrigerated storage square footage in the area. And port-deepening efforts (from 45′ to 52′) bode well for CHS for more growth as cold storage weighs lots more (30 tons in a 40′-long container) and heavier ships need deeper ports.
The State Ports Authority is planning a 6% rise in cargo containers in the next fiscal year – that’s triple the projected growth for the US ports as a whole and six-fold the volume it saw this past year locally, but one the Port of CHS is committed to with its ability to handle post-Panamax ships, the new inland port in Greer hitting its stride with 100,000 train lifts projected (a +23% increase), and the brand new inland port in Dillon. David Wren of The Post and Courier has the article here.
Sales of investment properties in the CHS region – apartments, office buildings, shopping centers and the like – exceeded $1 BILLION for the first time ever in 2015. A few highlights from our Colliers Year-End 2015 Investment Sales report:
- Multi-family led the way with over $520M in sales volume, an average price per door of $114k, with newer class A communities often exceeding $200k/unit
- Sales of shopping centers were next at $131M in 2015, averaging $133/SF, led by the Wal-Mart anchored North Pointe Plaza in N CHS at $32M, and Shoppes at Centre Pointe at $16.5M then West Ashley Shoppes at $15.5M
- Office buildings totaled $123M and averaged $214/SF; the largest building sale, at $28.4M, was that of Parkshore in West Ashley but it was to a user, MUSC. The biggest investment sale was that of 3955 Faber Place to a NY-based advisor at $13M or about $200/SF
Read all about it in our Colliers Year-End 2015 report. You can request yours by pinging me at firstname.lastname@example.org
A rail line to connect the Port of CHS to an intermodal facility in Charlotte has been announced to start this week for overnight service between CHS and Spartanburg then Charlotte’s international airport. This connection “builds on the existing, high-speed intermodal network” between CHS and the South Carolina Port Authority’s inland port in Greer. The Greer inland port opened in 2013 and is capable of 50k rail lifts (to trucks) per year while the Charlotte facility debuted in 2014 and has a capacity of 200k rail lifts per annum. SPA also is building a rail-to-truck facility at the new container port that will open in N CHS in 2020, where CSX and Norfolk-Southern will both offer rail service. David Wren of The Post and Courier has the story here.
Deepening the CHS harbor from 45′ to 52′ is one step closer with the signing of an agreement between the Army Corps of Engineers and the State Ports Authority, and $307M already set aside by the state. The deepening would allow CHS to accommodate some of the largest container ships in the world regardless of the local tides. David Wren of The Post and Courier has the story here.
The Milken Institute is a California-based economic think tank that annually ranks Americas largest U.S. metropolitan areas by how well they are creating and sustaining jobs and economic growth. CHS ranked #17, up 22 spots from its 2014 ranking. In the Southeast, it ranked behind only Raleigh (#6) and Charlotte (#13) and ahead of other Southeast cities such as Nashville (#18), Atlanta (#27), Orlando (#28), Savannah (#30), Fort Myers (#40), and Fort Lauderdale (#41). In South Carolina, Greenville ranked #52, Columbia at #107 and Myrtle Beach at #108. The biggest assets of CHS – job growth, high tech, manufacturing and the port. David Wren of The Post and Courier has the story and rankings here.
An update on the massive port planned at the GA-SC border that has been in the works for 8 years now. The latest: “consultants told the SC State Ports Authority that a permit will be sought this Fall so the U.S. Army Corps of Engineers can begin environmental studies on the massive project”, according to an article from Bruce Smith of The Associated Press via The Post and Courier.
David Wren of The Post and Courier reports on the recently released Colliers International Q2 2015 industrial market report for Charleston that highlights some “game changers” of some job creators such as Volvo Cars North America and Mercedes-Benz Sprinter Vans which, combined, will create over 5,300 direct jobs between just the two of them and a $1 BILLION investment in CHS. And the multipliers, automotive suppliers and third party logistics providers (and don’t forget Boeing) will grow automotive manufacturing in the region and across the state. The big picture – vacancy is now at 6.8%, down 300 basis points from just one year ago and leasing is robust with possibly as much as 2MSF to be be absorbed in 2015. Recent projects announced:
- Gerber Childrenswear – $33M, 477k SF distribution center in Berkeley County
- WestRock/SunCap – speculative 350k SF warehouse at North Pointe Business Campus in Hanahan.
- Childress Klein/Amstar – speculative 279k SF warehouse in Charleston Regional Business Center off Clements Ferry Road/I-526.
- Patillo Industrial Real Estate – 142k SF spec warehouse in Palmetto Commerce Park in N CHS; its expandable to 400k SF.
- Childress Klein/Jamestown – 272k SF multi-tenant building recently completed also in Palmetto Commerce Park.
- Lineage Logistics – 340k SF cold-storage distribution facility in Palmetto Commerce Park for exports like poultry and vegetables through the Port of CHS.