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HFF announces $35.5M sale of 313,650 SF build-to-suit industrial facility near Charleston

CHARLOTTE, NC – HFF announces the $35.5 million sale of a 313,650-square-foot, newly delivered, state-of-the-art distribution and light assembly facility that is a build-to-suit for Science Applications International Corporation (SAIC) in Charleston, South Carolina.

HFF marketed the property on behalf of the seller, a joint venture between North Signal Capital and a fund managed by Westport Capital Partners LLC. Stockbridge purchased the asset.

The SAIC build-to-suit is 100% leased on a triple-net basis to SAIC, one of the U.S. Government’s top defense contractors. Delivered in June 2019, the facility features a minimum 32-foot clear height, ESFR sprinkler system, a fully conditioned warehouse and tilt-up concrete construction with an attractive glass-lined facade. Located at 7413 Magi Road, the building is adjacent to the Naval Space and Warfare Systems Command (SPAWAR) campus, one of SAIC’s longstanding federal customers. Situated on 23.09 acres at 7413 Magi Road, the facility is in Hanahan, a northern Charleston suburb, and situated within North Pointe Commerce Park, a master-planned industrial park that is strategically positioned to house defense, manufacturing and logistics-oriented tenants. The building is equidistant to both Interstates 26 and 526 and proximate to the Port of Charleston, the CSX/Norfolk Southern Intermodal Yard and the Charleston International Airport.

The HFF investment advisory team representing the seller consisted of director Patrick Nally, senior managing director Chris Norvell and associate Mike Massardo.

“This transaction represented an opportunity to acquire a true trophy quality, core industrial asset in the land constrained Hanahan/North Rhett submarket,” Nally said. “This submarket – specifically North Pointe Commerce Park – has displayed incredible fundamentals over recent years and has established itself to be one of the preeminent defense- and port-related industrial locations in the region. Charleston possesses a dynamic array of industrial demand drivers, and we continue to see institutional investors view the market favorably for its long-term growth potential.”

Holliday GP Corp. (“HFF”) is a South Carolina licensed real estate broker.

About North Signal Capital
North Signal Capital LLC is a real estate investment and development firm with offices in Stamford, Connecticut, and Charleston, South Carolina. 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 U.S. 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, Wilton, Connecticut and Bozeman, Montana. For more information regarding Westport Capital Partners LLC, please visit www.westportcp.com.

About Stockbridge
Stockbridge is a private equity real estate investment management firm led by veteran industry professionals. The firm’s portfolio comprises assets across the investment risk spectrum, including core, value-added and opportunistic strategies. Stockbridge and its affiliates have approximately $14.4 billion of assets under management (as of March 31, 2019) spanning all major real estate property types, and certain specialty property types, throughout the United States. Visit http://stockbridge.com for further information.

About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.

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