JLL arranges sale of Class A distribution center in Charleston
Stockbridge acquires Sagebrook Home Distribution Center from Lightstone
CHARLOTTE, Feb. 22, 2023 – JLL Capital Markets announced today that it has closed the sale of Sagebrook Home Distribution Center, a fully leased Class A distribution center totaling 430,920 square feet in Charleston, South Carolina.
JLL represented the seller, Lightstone Group, in the sale to Stockbridge.
The property was completed in 2021 and is fully occupied by Sagebrook Home, a staple in the home décor industry. The warehouse features a cross-dock configuration with institutional-quality features.
Located at 574 Trade Center Parkway in the Charleston Trade Center, the property serves as a regional distribution center with access to Interstates 26, 526 and 95. In addition, Sagebrook Home Distribution Center is proximate to Charleston International Airport and the Port of Charleston. According to JLL’s Charleston Industrial Insight Q4 2022, the Port of Charleston recently completed a major harbor deepening project. As a result, the port is now the deepest on the east coast with the ability to service the largest container ships regardless of season or tide.
The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Director Dave Andrews, Senior Managing Directors Pete Pittroff and Patrick Nally and Associate Josh McArdle.
“As we continue to work through an evolving market, this Sagebrook transaction reinforces the demand for core industrial assets in fundamentally strong markets like Charleston,” said Andrews.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Lightstone
Lightstone, founded by David Lichtenstein, is one of the most diversified privately held real estate companies in the United States. Headquartered in New York City, Lightstone is active in 26 states across the country, developing, managing and investing in all sectors of the real estate market, including residential, hospitality, commercial, and retail. With 182 existing properties, Lightstone’s over $7.5 billion portfolio currently includes over 10.4 million square feet of industrial, logistics, life sciences, and commercial properties, over 25,000 residential units, and over 4,400 hotel keys. Lightstone’s development portfolio includes over $3.5 billion currently under development in the residential and hospitality sectors spread across New York City, Los Angeles and Miami.
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-add and opportunistic strategies. Stockbridge and its affiliates have approximately $33.7 billion of assets under management (as of September 30, 2022) spanning all major real estate property types and certain specialty property types throughout the United States. For more information, visit www.stockbridge.com.