Trammell Crow Company has acquired 310 acres of industrial land in South Carolina in a bid to take advantage of rising demand for properties along East Coast shipping corridors.
The Dallas-based investment firm plans to develop a seven-building, three-million-square-foot business park on the land, with work expected to start this month.
Curt Grantham, senior managing director of Trammell’s Carolinas business unit, said in a statement a combination of rising shipping costs along the US’ west coast and increasing demand from Asian shipping companies had “contributed to substantial growth in East coast shipping.”
The 310-acre parcel of land in Summerville – 20 miles from the Charleston port industrial area, Grantham said, would allow the firm to take advantage of a lack of distribution space and inventory.
Trammell, which raises value-added and opportunistic real estate funds, is part of Richard Ellis, after being bought by the company in 2006 in a $2.2 billion deal. Last year, Trammell entered into a $1 billion joint venture with ING Clarion to develop new office space across the US.