News Release
CHILDRESS KLEIN PROPERTIES AND AMSTAR GROUP BREAK GROUND ON TWO BUILDINGS AT THE CHARLESTON REGIONAL BUSINESS CENTER, TOTALING 463,000 SQUARE FEET OF SPECULATIVE INDUSTRIAL SPACE
Childress Klein and Amstar Group Move Forward on Additional Speculative Building; 351,000-Square-Foot Building I and 112,000-Square Foot Building III Scheduled for Delivery in September 2007.
CHARLESTON, SC (February 12, 2007) – Joint venture partners Childress Klein Properties and Denver-based Amstar Group announced that they have broken ground on two speculative Class “A” warehouse/distribution facilities on part of the final 55 interior acres within the Charleston Regional Business Center (CRBC), announced Tricia Noble, partner with Childress Klein.
While Childress Klein and Amstar originally planned on breaking ground on one building, encouraging demand fundamentals and lack of institutional quality warehouse/distribution facilities in Charleston prompted the joint venture partners to move forward with two buildings of the three building project.
Building I, a 351,000-square-foot cross-dock building and Building III, a 112,000-square-foot front loading building, are slated to be completed by September 2007.
“By breaking ground on both buildings simultaneously we are positioned to accommodate a broad tenant base ranging from 21,000 square feet to 351,000 square feet,” said Noble. “The two buildings will not compete for the same tenant base and will provide a much needed new supply of Class A warehouse/distribution space proximate to Charleston’s growing ports.”
Charleston is the nation’s sixth largest cargo processing location and is rapidly becoming an increasingly popular destination for imports from around the globe. In terms of cargo containers, the Charleston port is projected to handle 2.06 million 20-foot-equivalent units (TEUs). In fiscal 2006, which ended June 30, that figure totaled 1.98 million, according to the S.C. State Ports Authority. Increased trade with India, China and South America are driving the port’s increased TEU activity.
Peter Fennelly, Hagood Morrison, and Simmons Johnson of Colliers Keenan, the lead leasing team for the project, are actively seeking tenants for both buildings. “Now that Childress Klein and Amstar have started the project we are seeing a lot of interest from both local and national warehouse/distribution users anxious to secure quality industrial space close to the ports,” Fennelly said.
Upon completion, Charleston Regional Business Center will be comprised of three buildings totaling 814,000 square feet. The site will feature modern design formats supporting strategic inbound and outbound logistics and distribution operations. Design plans call for creating superior, modern facilities that will include expansive truck courts with on-site trailer parking, cross dock and front load formats, 24 ft to 30 ft clear heights, and ESFR sprinkler systems. The buildings will also capitalize on their close proximity and short drive time to Charleston’s key port terminals (Wando Welch, Columbus Street, Union Pier, North Charleston, and the new terminal to be added at the former Charleston Navy Yard), Interstate freeway access, a location within the first drayage zone and the site’s Foreign Trade Zone status.
About Childress Klein Properties
Childress Klein Properties is one of the larger real estate development, investment and management companies in the Southeastern United States. The company, and its predecessor companies have been in business in the Southeast since 1976. Childress Klein Properties is currently active in Georgia, North Carolina, South Carolina and Virginia through offices in Atlanta and Charlotte. With owned real estate assets in excess of $1 billion, the partners of Childress Klein Properties have over 100 years collective experience in the planning, development, leasing and management of over 35 million square feet of commercial real estate. Their owned and managed properties currently total over 22 million square feet and include office buildings, shopping centers, mixed-use developments, warehouses, manufacturing plants, distribution facilities and business parks. For more information, please visit www.childressklein.com.
About Amstar Group
Established in 1987, Amstar is a leading real estate private equity firm headquartered in Denver. The company invests nationally and internationally in value-add acquisition and development opportunities, often with local partners. In its history Amstar has acquired, developed and sold more than $2.5 billion of real estate. Amstar’s current portfolio includes office, industrial, multifamily, retail and hospitality holdings in major markets across the United States. For more information about Amstar Group visit the company’s website at www.amstargroup.com.