Barings Provides $86.2 Million in Acquisition Financing for Charleston, SC Logistics Portfolio
Barings, one of the world’s leading alternative investment managers, announced today that it has provided an $86.2 million loan to Obelisk Real Estate Partners to support the acquisition of a three-building industrial portfolio in Charleston, South Carolina.
“We’re pleased to expand our relationship with the experienced team at Obelisk in supporting their acquisition of this industrial portfolio, which is strategically located in one of the Southeast’s most compelling industrial markets,” said Ryan Naumes, Managing Director with Barings. “With a logistics and port-oriented location, the portfolio aligns well with our focus on high-quality industrial real estate in markets with durable demand drivers.”
“Charleston's industrial sector continues to show strong momentum, making it a focus market for Obelisk. We're thrilled to strengthen our existing relationship with Barings on the acquisition of this highly differentiated industrial portfolio in infill Charleston,” said Jake Meskin, Acquisitions Associate with Obelisk Real Estate Partners.
The portfolio consists of three logistics facilities across approximately 817,000 square feet in Hanahan, SC, within the Charleston MSA. The portfolio is currently 62% leased, with a near-term opportunity to create value through capital improvements and lease up. The assets benefit from an infill Charleston logistics location near the Port of Charleston, North Charleston Terminal, Boeing’s production facility, the former Navy base, I-26, and I-526, providing strong connectivity to key regional transportation and industrial demand drivers.
