West-Signal, a joint venture owned by an affiliate of North Signal Capital and a fund managed by Westport Capital Partners, executed a 143,000 SF lease with Expeditors International of Washington, Inc. for space at North Pointe Commerce Park in Charleston, South Carolina.
According to company officials, 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 District Manager, Tim Hall.
According to officials, 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.