Commercial Property Executive: Trinity Capital Advisors Breaks Ground on Spec Warehouse
The project will rise north of Charleston, S.C., along the Palmetto Commerce Parkway.
Trinity Capital Advisors has broken ground at its Tradepark East project in Ladson, S.C. The developer will add four buildings totaling 850,000 square feet of speculative and build-to-suit Class A industrial space. A JLL team will handle leasing for the project.
In January, Trinity Capital acquired 78 acres of land within the Palmetto Commerce Parkway corridor for the upcoming project. The firm hired Frampton Construction as general contractor, Reveer Group for civil engineering and DMA Architecture for design.
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The first building, totaling 342,160 square feet, is a speculative development and is expected to come online in the first quarter of 2022. The remaining three buildings are build-to-suit opportunities and will range between 145,600 and 174,200 square feet.
Tradepark East Building 1 will feature 36-foot clear height and a cross-dock configuration. Plans call for 66 dock and four drive-in doors, 14 loading bays and a 185-foot-deep truck court. Parking will comprise about 230 spaces for employees and 98 spaces for trailers. The building will also include ESFR sprinklers, LED lighting and 800 amps of power.
Tradepark East will be located along Palmetto Commerce Parkway and within the eponymous industrial park. In recent years, Charleston County constructed and improved the 10-mile stretch of roadway connecting Ladson Road and Aviation Avenue, to improve traffic distribution in the area. Nearby major thoroughfares include interstates 26 and 526. The location provides access to the Port of Charleston, Charleston International Airport, as well as several terminals, within 20 miles.
Major companies with a presence in the Palmetto Commerce Parkway corridor include FedEx, Daimler, Volvo, IFA Group and Boeing, among others.
Growing in North and South Carolina
The Greater Charleston industrial fundamentals are highly favorable, with very low vacancy rates and solid demand, according to Massie Flippin, partner at Trinity Capital. Growth and demand are expected to be driven by the port, the city’s strong manufacturing base and the deep labor pool in the region, Flippin noted in a prepared statement.
According to JLL research, there were roughly 560,000 square feet of net absorption in Charleston in the first quarter, while total vacancy reached 6.1 percent. CommercialEdge data shows there are more than 4 million square feet of industrial space underway in the Charleston MSA, including a 2 million-square-foot Walmart Distribution Center in Dorchester County.
Trinity Capital is mostly present in the Charlotte and Raleigh-Durham markets, with nearly 3 million square feet of industrial, as well as more than 2 million square feet of office space. In February, the company topped out on a 202,000-square-foot office in downtown Durham, in partnership with SLI Capital. In metro Charlotte, the company is planning to construct Delta Industrial Park, a 1 million-square-foot industrial development in Gaston County.
