Trying to meet the growing demands of Charleston’s commercial real estate market, two companies plan jointly to build a 350,000-square-foot speculative building in Hanahan.
MeadWestvaco Corp. of Richmond, Va., and Charlotte-based SunCap Property Group said Monday the new structure will rise in North Pointe Business Campus off Henry Brown Boulevard to support distribution uses or light manufacturing.
“By all measures, Charleston is a strong, undersupplied market,” said Kenneth T. Seeger, president of MWV Community Development and Land Management. “Over the last year, we’ve seen record low vacancies for Class A product. Demand in both manufacturing and distribution sectors is far exceeding supply and we feel the timing is right for this project.”
The enterprise marks SunCap’s entry into the Charleston market, though in 2009, associates with the firm developed the building currently occupied by New Breed Logistics in the business park.
”The SunCap team is excited to be developing in the Lowcountry again,” said Flint McNaughton, CEO and founding partner. “MeadWestvaco’s strong presence in the market coupled with our experience developing industrial facilities across the country make this partnership a perfect fit.”
The new building will feature tilt-up walls; T-5 lighting, sprinkler system, 32-foot ceilings, high-quality dock doors and flexible upfit options.
Evans General Contractors and Randall-Paulson Architects are building and designing the structure, respectively. Colliers International is the leasing agent.
The Hanahan business park also offers a 285,000-square-foot pad ready site and a 10-acre parcel for sale.
SunCap recently completed the 254,000-square-foot distribution center for FedEx Ground in Spartanburg.
Reach Warren L. Wise at 937-5524 or twitter.com/warrenlancewise.