Paper giant WestRock Co. continues to unwind its locally based real estate business with the recent sale of a Hanahan industrial building.
An affiliate of Stockbridge Capital Group acquired North Pointe Business Campus for $30.5 million, according to Berkeley County property records.
The 350,856-square-foot building on North Rhett Avenue was developed two years ago by joint venture made up of a Summerville-based subsidiary of WestRock and SunCap Property Group of Charlotte. It is fully leased to AmerCare LLC and ManTech Advanced Systems International.
The sale is the latest in a string of divestitures in the Charleston region by WestRock, which is exiting the real estate business to focus on its core paper and packaging operations.
SunCap remains active in the local area with projects underway in Palmetto Commerce Park in North Charleston.
Stockbridge is based in San Francisco. The real estate investment firm said it has $12.1 billion of real estate assets under management as of Jan. 31. Its only other local property is Patriots Plaza, a Mount Pleasant retail center anchored by Whole Foods Market.