Fairfield-based Accordia announced its first commercial real estate acquisition in South Carolina, which is the largest in its 20-year history.
As part of the firm’s strategic expansion into the Carolinas, Accordia acquired Remount I & II, a 305,114-square-foot industrial portfolio in the up-and-coming North Charleston region of South Carolina. The buildings were purchased for $48.05 million.
Remount Business Park consists of two single-story dual-flex buildings on 25.88 acres. The buildings, located at 1101 and 1141 Remount Road, are currently 90% leased.
The buildings are located minutes from the Charleston International Airport and are easily accessible by I-26, I-526, and other major highways. The property is directly across the street from the Naval Information Warfare Center’s Atlantic Base and immediately adjacent to the North Charleston Port Terminal and rail line.
“Remount Business Park has a lot of unlocked potential; our plan is to upgrade the entire campus and give it a brand-new reputation for both our existing and new tenants,” said Frank Recine, principal, Accordia. “Its location is second to none in North Charleston, and we plan on matching that with a significant set of improvements worthy of our tenants and asset.”
The buildings feature flexible floor plates that can accommodate a range of operations and industrial tenant needs, including defense organizations, one of North Charleston’s top-growing industries, as well as traditional industrial users. Both properties are constructed with steel frames and reinforced concrete tilt-up walls and feature six dock slips, 13 drive-in doors, 18-foot clear ceiling heights and 240-foot truck courts.
“This asset is a strategic acquisition for us, as it expands our Southeast platform into a new region and state, and allows us to keep connecting the portfolio up and down the Eastern Seaboard,” said Jason Bogart, principal, Accordia. “A year ago, we put our new acquisition program into place, and it’s been working exactly as planned. This is our sixth closing in less than 12 months as we close in on our goal of $100MM in new deals by year’s end.”
