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Barings funds $86.2M for Obelisk to buy Charleston industrial portfolio
The three-building portfolio covers about 817,000 square feet and is 62% leased, with Obelisk planning value-add improvements using the new capital.
Obelisk Real Estate Partners has secured $86.2 million in acquisition debt for a three-building industrial portfolio in Charleston, South Carolina, according to Commercial Observer.
Barings provided the financing, and JLL arranged the transaction, with the seller identified as CenterPoint Properties. The portfolio totals roughly 817,000 square feet and is currently 62% leased.
The buyer plans to launch a value-add investment program supported by new capital improvements. Both Obelisk and Barings pointed to the location's logistics and port orientation, highlighting connections via Interstate-26 and Interstate-526 to the Port of Charleston, North Charleston Terminal, and a Boeing production facility.
Commercial Observer reports the deal reflects Obelisk's focus on industrial assets in markets with durable demand drivers, and it said Charleston's industrial sector has shown strong momentum.