UC Funds closes $4.5 million loan in North Charleston industrial hub
We recently celebrated the closure of a $4.5 million first mortgage loan for the acquisition and renovation of a 158,400-square-foot industrial building located at 4280 Pace Street in North Charleston, South Carolina. The office and industrial building feature three docks, three drive-in bays and 25 parking spaces.
This closing was a result of another long-standing relationship with a borrower. Led by Jeremy Blackburn, Industrial Holdings, LLC is a successful investor of single-family rentals throughout the greater Charleston region.
4280 Pace Street is centrally located six miles north of Charleston. A defense, IT and manufacturing hub, the city is home to the Joint Air Force/Navy Base, General Dynamics, Bosch, and Boeing, among others.
Originally built in 1967, the asset was previously a Lockheed Martin airplane manufacturing plant. Upon completion of renovations that include a new roof, siding repairs and general maintenance, the currently vacant property will be fully marketed to potential single-use companies, with several potential tenants already in preliminary lease negotiations.
We’re thrilled to foray into the South Carolina market with our long-term partner Jeremy Blackburn and are looking forward to seeing the community impact the new tenants have on North Charleston.