Rushmark Properties secures financing to develop Berkeley Commerce Center in Charleston

CHARLESTON (September 19, 2024) — Rushmark Properties announced today it has closed on a construction loan with United Bank to develop Berkeley Commerce Center, a multi-building, Class-A industrial campus in Summerville, South Carolina. With site work now underway, Rushmark will commence work this fall on the first two structures’ building pads, which span 775,000 square feet. JLL Managing Director Lee Allen, Senior Managing Director Kevin Coats and Senior Associate Tyler Smith will lead leasing and marketing efforts.

Berkeley Commerce Center is being developed in Jedburg, one of Charleston’s most competitive and premier industrial submarkets. The site fronts I-26, South Carolina's logistics backbone, which connects the Port of Charleston to I-95 and provide the site access to the largest consumer base in the Western Hemisphere. At 505,440 square feet, the first building will include 2,500 square feet of office space, cross-dock configuration and 36-foot clear heights. At 267,840 square feet, the second building features 1,200 square feet of office space, rear-load configuration and 32-foot clear heights. Rushmark expects to deliver the first two buildings in Q4 2025. The site has the potential for three additional buildings, totaling 2.6 million square feet combined with the first two buildings currently under construction. The project was designed by architects LS3P Associates with civil engineers Thomas & Hutton, and HITT Contracting is the general contractor.

“Historically, Charleston has boomed during periods of uncertainty, and we are confident that short-term headwinds create the ideal, long-term investment opportunity for Rushmark,” said JLL’s Allen. “As the only multi-building project of this size to break ground in the market this year, the constrained construction pipeline will drive tenant demand to Berkeley Commerce Center, further solidifying its attractiveness to a variety of manufacturing or logistics users.”

Berkeley Commerce Center offers seamless connectivity to the MSA’s primary demand drivers, including Charleston International Airport and the Port of Charleston, one of the fastest-growing seaports in the country. Additionally, the market features a robust and diversified workforce, with 72% of the incoming labor pool holding higher education degrees. The facility is being developed in Charleston’s premier industrial pocket, which is also home to Fruit of the Loom, TBC Corporation, Gerber Childrenswear, Curtiss-Wright, Argo Merchants Group, 3G Distribution and IFA Rotorian, among many others.

Founded in 1998, Rushmark is a privately held real estate investment firm committed to developing industrial, multi-family residential housing, mixed-use commercial and retail assets in highly desired geographic areas, primarily in the Mid-Atlantic and Southeast.

“As a privately-owned firm, we can be nimble and bold with our development plans,” said Dan Doty, President of Rushmark. “With the recent pullback in capital markets, we seized the opportunity to bring a premier industrial campus to one of the most compelling locations on the East Coast. The strong market fundamentals, diversified drivers of demand, continued growth of the Port and population growth in the Southeast strategically align with our long-term vision for Berkeley Commerce Center.”

Over the past decade, the Port of Charleston has experienced outstanding growth in total loaded TEUs as a result of key demand drivers such as Southeastern U.S. population growth, the transition from West Coast to East Coast ports, and, more recently, shifts in manufacturing from China to other parts of Asia. Following its completion in December 2022, the Port’s $580 million Charleston Harbor Deepening Project made it the deepest seaport harbor on the East Coast and eliminating tidal restrictions on accessibility. Totaling nearly $2.8 billion, the Port’s comprehensive expansion program is well underway, including the delivery of the new Leatherman Terminal, a new access road connecting to I-26 and the new, dual-access intermodal terminal.

JLL assisted Rushmark in securing the construction loan with United Bank.

For more information on Berkeley Commerce Center, please visit www.berkeleycommercecentercharleston.com/

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