Barings Provides $86M Acquisition Debt for Charleston Industrial Portfolio

Obelisk Real Estate Partners has secured $86.2 million to finance the acquisition of a three-building industrial portfolio in Charleston, South Carolina, Commercial Observer can first report. 

Barings provided the debt, while JLL’s Peter Rotchford, Christopher Peck, and Nicholas Thorton arranged the transaction. The seller was CenterPoint Properties.

Ryan Naumes, managing director with Barings, noted in a statement that his firm has a previous relationship with Obelisk and that the portfolio is located in “one of the Southeast’s most compelling industrial markets.”

“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,” said Naumes. 

Spanning roughly 817,000 square feet across three assets, the portfolio is presently 62 percent leased, with Obelisk Real Estate Partners set to initiate a value-add investment plan through new capital improvements. 

Both Obelisk and Barings cited its advantageous location. Through Interstate-26 and Interstate-526, the portfolio is connected to the demand drivers like the Port of Charleston, North Charleston Terminal, and a Boeing production facility. 

“Charleston’s industrial sector continues to show strong momentum, making it a focus market for Obelisk,” said Jake Meskin, acquisitions associate with Obelisk Real Estate Partners.

Brian Pascus can be reached at bpascus@commercialobserver.com.