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Omni Industrial Campus comprises three buildings totaling 1.3 million square feet. Image courtesy of Stonepeak
Stonepeak, a New York-based alternative investment firm specializing in infrastructure and real assets, has sold Omni Industrial Campus, a three-building, 1.3 million-square-foot logistics portfolio in the Charleston, S.C., industrial market.
Rockpoint purchased the property using a $94.4 million loan from Forethought Life Insurance Co., according to public records. Latham & Watkins LLP served as legal counsel and JLL Capital Markets was financial advisor to Stonepeak.
Located in Summerville, S.C., about 25 miles from the Port of Charleston, the industrial project is the largest option near the port for companies looking for an intermodal distribution point in the Southeast region. It is strategically situated along Interstate 26 between Interstate 95 and the port, which is expected to double in capacity by 2033 because of continued share-shift from West Coast ports to East Coast ports. Stonepeak states the port’s expansion is driving additional demand for warehouse space from customers entering and expanding in the Charleston market, making Omni Industrial Campus a prime location for customers seeking proximity to the area’s transportation infrastructure.
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Stonepeak made its initial investment in the 100-acre campus in December 2021. In March, Stonepeak’s development partners, Clarius Partners and Stonemont Financial Group, announced Buildings 3 and 4, which were under construction at the time, were available for lease. The two speculative industrial buildings totaled nearly 971,000 square feet of Class A space.
On its company website, Clarius Partners notes the 606,880-square-foot Building 4 is now fully leased, while the 364,700-square-foot Building 3 is available. Building 2, which has 360,320 square feet of space, is a fully leased, built-to-suit project. Bridge Commercial is the exclusive leasing agent in charge of the 1.3 million-square-foot industrial development.
Stonepeak’s investment strategy
Phillip Solomond, senior managing director and head of real estate at Stonepeak, said in a prepared statement the transaction demonstrates Stonepeak’s ability to identify and execute investments at the intersection of real estate and infrastructure. Solomond said the firm leveraged insights from its infrastructure platform to build conviction around the submarket, which has seen strong logistics growth because of the expansion at the Port of Charleston.
Stonepeak’s real estate team invests financially in real estate assets that demonstrate infrastructure characteristics including supply chain, residential, health care and technology real estate. The team targets mission-critical opportunities supported by strong macro tailwinds that have durable cash flow profiles, embedded demand drivers, high barriers to entry and inflation protection. Stonepeak sponsors investment vehicles focused on private equity and credit. The firm also provides capital, operational support and partnership in its target sectors.
In April 2022, Stonepeak closed an equity recapitalization of hyperscale provider Cologix, valued at $3 billion. The transaction was structured as a sale by Stonepeak Infrastructure Fund II LP and co-investors to Stonepeak-managed vehicles.
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