Childress Klein Properties & Amstar Sell 351,000 SF Class “A” Cross Dock Industrial Building
FOR IMMEDIATE RELEASE
Contact: Tricia Noble 704-343-4307
CHILDRESS KLEIN PROPERTIES AND AMSTAR SELL 351,000 SQUARE FOOT CLASS “A” CROSS DOCK INDUSTRIAL BUILDING TO USER REGAL LOGISTICS.
Remaining Industrial Inventory within Charleston Regional Business Center is concentrated within one building.
CHARLESTON, SOUTH CAROLINA (December 13, 2010) – Joint venture partners Childress Klein and Denver-based Amstar announced today the sale of Building I, a 351,000 square foot Class “A” cross-dock facility, to Regal Logistics, a leading third party logistics provider with 1.3 million square feet of Distribution Centers in the U.S. Southeast and Pacific Northwest. Located within Charleston Regional Business Center, Regal will own and occupy a majority of the property, keeping in place the existing lease for 98,000 square feet with St. George Warehouse.
The partnership developed the property in 2007 with the specific strategy to lease and sell the property to port related users. The sale of the building takes the entire 351,000 square foot building off the market and concentrates the partnership’s remaining industrial inventory within one building within the industrial park.
“We worked very closely with the Regal Logistics and have a very high regard for the company and its business. While we are excited to consummate the sale, we recognize we have limited amount of space left for lease within Charleston Regional Business Center,” remarked Tricia Noble, partner of Childress Klein Properties.
CharlestonHarboris home to the deepest channels in the region and regularly handles 8,400-TEU vessels drafting up to 48 feet. Short transit times to Charleston’s five marine terminals, each within two hours sailing time from the open ocean, help keep vessel schedule integrity intact and minimize the risk of canal penalties or missed berthing windows at other ports.
Peter Fennelly, Hagood Morrison, and Simons Johnson of Colliers Keenan represented the seller, and Todd Clarke of GVA Kidder Mathews represented the buyer.
About Childress Klein
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, has 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. Childress Klein’s 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.
Established in 1987, Amstar is a real estate investment manager that offers both commingled funds and tailored separate accounts to its international and domestic clients. With more than $1.5 billion of assets under management, Amstar’s current portfolio consists primarily of office, hospitality, and multifamily holdings within the major markets of the United States and select markets in Europe and Latin America. For more information on Amstar, go to www.amstar.com
About Regal Logistics
Powered by more than 40 years of experience as a leading third party logistics provider, Regal Logistics specializes in high volume, mass retailer distribution. It offers a comprehensive program of dedicated and shared warehousing, distribution and transportation services—including import deconsolidation and cross docking—and value added, reverse logistics and product recall services. With more than 1.3 million square feet of high velocity Distribution Center in the Pacific Northwest and the U.S. Southeast, Regal Logistics offers a superior way to accelerate product to market, while reducing costs, with better access to important markets throughout the world. Regal distributes customer product to major retailers including Walmart, for which Regal is an authorized trailer pool facility, Target, Kmart/Sears, JCPenney, Kohl’s and Toys“R”Us. For more information about the company, please visit www.regallogistics.com.