CHARLESTON, S.C., Sept. 13, 2019 /PRNewswire/ --
Today, West-Signal, a joint venture owned by an
affiliate of North Signal Capital LLC and a fund managed by
Westport Capital Partners LLC (the "Joint Venture"), is pleased to
announce the execution of a 143,000 SF lease with Expeditors
International of Washington, Inc.
(NASDAQ: EXPD). Expeditors is a leading global logistics
company.
Expeditors is leasing 58% of the 247,000 SF rentable area at
1017 Northpointe Industrial Boulevard. The Class A facility is
designed to the highest institutional standards including:
tilt-up concrete construction, 32 foot clear height, ESFR sprinkler
systems and LED lighting. Expeditors will be combining their
office and warehouse locations into the space. Accordingly, North
Signal will be building out 22,000 SF of office space, which
includes a driver's lounge to go along with the 121,000 SF of
warehouse space. Completion of the buildout is expected by early
December 2019. Expeditors has also
entered a license agreement for 130,000 SF of the building which
allow them to begin occupancy October
1st while their upfit work is completed.
"We are thrilled that Expeditors has selected North Pointe
Commerce Park as its home for their mission critical distribution
facility and look forward to continuing to support their future
growth," said Peter Goulding,
Partner, North Signal Capital
"We are excited to partner with Expeditors. Their long track
record of successful innovation and commitment to Charleston make them an outstanding partner.
We are also glad to further support the continued development of
the Charleston region's vital role
as an international trade hub," said Sean
Armstrong, Principal and Portfolio Manager, Westport Capital
Partners LLC.
"Expeditors is in its 25th year of doing
business in South Carolina with
offices based in Charleston. This
investment is driven by our healthy growth in the market over the
past five years as well as our desire to consolidate our office and
warehouse locations into a single Class A space which are critical
components of our long-term growth strategy. The site's proximity
to major interstate highways as well as the port of Charleston's container terminals were
important components of our site selection process," said
Expeditors Charleston, SC District
Manager, Tim Hall.
Expeditors was represented by Jeff
Kernochan at Fischer International as well as Hagood Morrison at Bridge Commercial.
West-Signal was represented by Peter
Fennelly, Simons Johnson and Tim
Raber at Bridge Commercial.
104,000 SF space remain available in 1017 Northpointe Industrial
Boulevard. In addition, the venture controls the last fully
entitled industrial site within 10 miles from the Port of
Charleston. This site has the
capacity for ~125,000 SF of industrial space and is being actively
marketed as a built to suit. The remaining space within North
Pointe Commerce Park offer flexibility in size and configuration, a
major selling point given the sub-market's current low vacancy rate
and high demand.
Peter Fennelly, Hagood Morrison, Simons Johnson, and
Tim Raber of Bridge Commercial
represent the Joint Venture in marketing the remaining two sites
within North Pointe Commerce Park to potential tenants.
About Expeditors International of Washington
Expeditors is a global
logistics company headquartered in Seattle, Washington. The Company employs
trained professionals in 176 district offices and numerous branch
locations located on six continents linked into a seamless
worldwide network through an integrated information management
system. Services include the consolidation or forwarding of air and
ocean freight, customs brokerage, vendor consolidation, cargo
insurance, time-definite transportation, order management,
warehousing and distribution and customized logistics
solutions.
About North Signal Capital LLC
North Signal Capital
LLC is a real estate investment and development firm with offices
in Stamford, CT and Charleston, SC. North Signal seeks to maximize
risk-adjusted returns by employing a value-based approach to real
estate investing. North Signal targets investments supported by
long term secular trends including the growth of e-commerce and
population growth within the Southeastern US. For more information
regarding North Signal Capital LLC, please visit
www.northsignalcapital.com.
About Westport Capital Partners LLC:
Westport Capital
Partners LLC is a real estate investment firm focusing on adding
value to real estate and "hands-on" solutions to complex
situations. Westport provides
domestic and international real estate related investment
opportunities to institutional and private clients. Through its
various funds, the firm invests in a wide variety of distressed,
opportunistic and core plus real estate assets. The firm has
offices in Los Angeles, California
and Wilton, Connecticut. For more
information regarding Westport Capital Partners LLC, please visit
http://www.westportcp.wpengine.com.
About Fischer & Company
Fischer is a leading
global corporate real estate firm that provides consulting,
brokerage and technology solutions to corporate real estate users
looking for a conflict-free broker for their real estate needs.
Founded in 1985, Fischer helps clients get the most out of their
real estate portfolios and activities by applying its in-depth
knowledge of strategic influences to decisions that impact every
aspect of their business. As exclusive tenant representatives
and corporate real estate consultants for many of the world's
largest companies, Fischer delivers results through deep expertise
in portfolio management, strategic planning, acquisitions,
dispositions, project management, transaction and construction
management, capital markets, sale-leasebacks and technology. For
more information regarding Fischer & Company, please visit
https://www.fischercompany.com.
About Bridge Commercial
Bridge Commercial is a
regionally-focused commercial real estate firm headquartered in
Charleston, SC. Bridge's brokers
are best in class and known nationally for their experience and
expertise. The firm offers a variety of services including tenant
representation, owner representation, investment sales, strategic
planning, site selection, and consulting services. For more
information regarding Bridge Commercial, please visit
www.bridge-commercial.com.
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SOURCE North Signal Capital LLC