US property group Obelisk Real Estate Partners has secured an $86.2m (€74.7m) financing package from Barings to fund the acquisition of a three-building industrial portfolio in South Carolina.
The 817,000sqft Charleston portfolio, which is 62% leased, offers near-term value-add potential through planned capital improvements and space lease-up.
Ryan Naumes, managing director at Barings, said: “We’re pleased to expand our relationship with the experienced team at Obelisk in supporting their acquisition of this industrial portfolio, which is strategically located in one of the Southeast’s most compelling industrial markets.
“With a logistics and port-oriented location, the portfolio aligns well with our focus on high-quality industrial real estate in markets with durable demand drivers.”
Jake Meskin, acquisitions associate at Obelisk Real Estate Partners, said: “Charleston’s industrial sector continues to show strong momentum, making it a focus market for Obelisk. We’re thrilled to strengthen our existing relationship with Barings on the acquisition of this highly differentiated industrial portfolio in infill Charleston.”
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