Childress Klein and Amstar Sell 280,000 Square Foot Class “A” Charleston Industrial Project to Exeter Property Group
CHARLESTON, SOUTH CAROLINA (December 22, 2016) – Joint venture partners Childress Klein and Denver-based Amstar announced on Tuesday the sale of CRBC IV, a newly-built 280,000 square foot Class “A” warehouse to an affiliate of Exeter Property Group, a leading investor and operator of industrial properties throughout the United States and Europe.
From 2007 through 2016 the partnership developed and subsequently sold four institutional quality industrial buildings within Charleston Regional Business Center totaling 1.1 million square feet. Charleston Regional Business Center is one of Charleston’s premier master-planned industrial parks totaling 2.45 million square feet and home to major national corporate tenants such as Wal-Mart, Lowes, and Forward Air.
“Amstar is very proud to have partnered with Childress Klein in delivering and selling over one million square feet of needed institutional industrial product in the rapidly growing Charleston market. This investment is reflective of Amstar’s strategy of creating value in high growth markets via strong relationships with well-respected developers and operating partners” remarked Amstar Senior Vice President Brian Cornell.
“We value our strong partnership with Amstar and the opportunity the partnership provided for us to develop a variety of solutions for industrial users in the Charleston area,” stated Matt Harper, Industrial Partner at Childress Klein. “We believe industrial development is the cornerstone to economic development and look forward to our continued involvement in the strategic growth of the area.”
Christopher Norvell of HFF represented the seller.
Established in 1987 and headquartered in Denver, Colorado, Amstar is a real estate private equity company that acquires, develops and manages all major property types in the United States and in select international markets. In the United States, Amstar focuses on investing in high-quality and well-located office, multifamily, industrial, retail and hotel properties with value-add risk profiles. Amstar is a privately-owned company with over 38 professionals, and is based on a culture of trust, integrity, and respect. For more information, visit www.amstar.com
About Childress Klein
Childress Klein is a full service real estate company operating in the southeastern United States since 1978. The partners of Childress Klein have been responsible for the development, leasing and management of more than 40 million square feet of office, industrial, retail, multifamily, and self-storage properties throughout Virginia, Tennessee, North and South Carolina, Georgia and Florida. The Company's primary offices are located in Charlotte and Atlanta.
As one of the largest real estate firms in the Southeast, Childress Klein is experienced in the development, management and leasing of a wide variety of product types. The Company’s office developments include suburban office parks, 1 million+ square foot high-rise office towers, and corporate campuses. Industrial experience ranges from small flex buildings to multi-million square foot distribution parks. Retail properties include community centers, large-scale lifestyle centers and mixed-use developments. Childress Klein serves residential markets with products including luxury garden and high-rise apartments as well as multi-level self-storage facilities.
With a team of nearly 300 professionals, a current portfolio exceeding 25 million square feet and real estate assets valued in excess of $1 billion, Childress Klein has the expertise and resources to undertake any project. For more information, visit www.childressklein.com.