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Joint Venture to Operate 510-Acre Industrial Complex in Hardeeville, South Carolina

03/28/2019
A joint venture backed by EJF Capital LLC and North Signal Capital LLC purchased a 510-acre multi-phased industrial complex, an area designated as an Opportunity Zone, in western Jasper County, South Carolina. Located in Hardeeville, RiverPort Commerce Park will service the Port of Savannah and surrounding areas.

Neal Wilson, EJF’s Co-Founder & COO, said, “We are pleased to partner with North Signal on the RiverPort development, which will bring warehousing, distribution and light industrial jobs to Jasper County. We anticipate that the RiverPort project will provide an economic boost to Jasper County and look forward to working with Mayor Williams and the Hardeeville community for the long-term.”

This represents the first industrial development within the master planned RiverPort property and will be known as RiverPort Commerce Park, officials explained. The property is located along US Highway 17 and is less than ten miles from the Garden City Terminal at the Port of Savannah. The location is well-situated and closer than many industrial parks on the Georgia side, allowing easy access to both I-95 and I-16. The first building in the Park will commence construction in a few months and is currently planned to be 149,000 square feet.

Asheel Shah, EJF’s Senior Managing Director and Head of Real Estate Development, added, “We believe that western Jasper County is an attractive industrial market with strong underlying growth fundamentals necessary for a successful multi-year real estate development project.”

Peter Goulding, Partner with North Signal, added, “The property is less than ten miles from the Georgia Ports Authority, home of the fourth largest and fastest growing port in the U.S. The opportunity to deliver attractive occupancy costs to tenants in a market with limited vacancy while also setting the table for potentially hundreds of new jobs, drove our investment.”

“We look forward to having North Signal / EJF involved in industrial development at RiverPort. They will be a great partner to the overall success of the project. Due to its proximity to the port region and convenient access to I-95 and Highway 17, RiverPort Business Park is poised to become one of the Southeast's best logistics centers for warehousing, distribution and manufacturing use,” David Moore, Senior Director of Investments Southeastern U.S. at Stratford Land noted.

“We are excited to have North Signal and EJF invest in Jasper County. The site will meet strong tenant demand and support both the growth of Jasper County and the Port. We have worked closely with the ownership group over the past year to create an attractive tax environment for tenants in RiverPort and stand ready to provide further support for specific tenants bringing high quality jobs and outsized capital investment to the region. Ultimately, we expect the residents of the Southern Carolina counties will benefit from improved employment opportunities at RiverPort Commerce Park,” said Danny Black, President & CEO of SouthernCarolina Regional Development Alliance.

“North Signal and EJF have had the foresight to identify the opportunities for growth in Jasper County at Riverport, an outstanding industrial site with excellent proximity to ports and interstate,” said SouthernCarolina Alliance Chairman Marty Sauls, a member of Jasper County Council.

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