Trinity Capital acquires 78 acres in Charleston; begins 850,000 SF phased industrial development
January 19, 2021
Charleston, S.C. –Trinity Capital Advisors (TCA), a commercial real estate development and investment firm based in Charlotte, N.C., has acquired 78 acres of land in North Charleston’s Palmetto Commerce Park. The firm is developing up to 850,000 square feet of Class-A industrial space as part of a phased development plan.
Trinity Capital will deliver the project’s first building, a 340,000 square foot cross-docked building, in the second quarter of 2022. Based on market demand, an additional three to four buildings will be developed in the master-planned park. Palmetto Commerce Park is located in one of Charleston’s strongest industrial submarkets and is home to some formidable companies including Federal Express, Daimler Vans Manufacturing, Home Depot, and The Boeing Company, among others.
Lee Allen, managing director, and Kevin Coats, executive vice president at JLL, will handle leasing duties on behalf of ownership. General contracting services will be performed by Frampton Construction. The design firm is DMA Architecture, and Reveer Group serves as the civil engineering team.
“The greater Charleston industrial real estate fundamentals are highly favorable, with very low vacancy rates and solid demand across the board,” said Massie Flippin, partner at Trinity Capital. “We’re very excited about establishing a foothold in Charleston’s Palmetto Commerce submarket, which will provide our customers with exceptional access to The Port of Charleston and Charleston’s growing population base,” he added.
Trinity Capital has had prior investment endeavors in Charleston, most recently with North Charleston’s Faber Plaza, a Class-A office building developed in partnership with Durlach Associates. The firm was founded in 2001 and currently has offices in Charlotte and Raleigh.
“Charleston has experienced remarkable growth since Trinity Capital first entered the market in 2010. We’re confident that the port, Charleston’s solid manufacturing base, and the region’s deep labor pool, will continue to drive growth and increase demand,” Flippin noted.