Greystar and PGIM have completed the first building at their Lowcountry Logistics Center in North Charleston and broken ground on two additional rear-load industrial facilities at the same three-building campus. Building I totals 145,463 square feet; the two structures now under construction will together add more than 180,000 square feet of warehouse and distribution space to the site.
The Charleston region has emerged as a major Southeast industrial market in recent years, driven by container volumes moving through the Port of Charleston and the manufacturing corridor along Interstate 26. North Charleston, in particular, has absorbed a wave of speculative logistics space near the port, the airport and the region’s growing rail infrastructure, and vacancies for modern rear-load product remain tight compared with historical norms.
Greystar, better known for its apartment platform, has scaled a national industrial development business over the past several years, often partnering with institutional capital such as PGIM. The Lowcountry Logistics campus is structured as a joint venture between the two firms; specific ownership percentages and financing terms have not been disclosed.
Building I is designed for single- or multi-tenant use, with the rear-load configuration common for last-mile and regional distribution operators. The two structures now under construction will complete the campus and offer similar functional layouts, giving the partnership the flexibility to accommodate one large user across multiple buildings or a set of smaller tenants split across the site.
Leasing activity at Lowcountry Logistics has not been publicly announced. The completion of Building I positions the campus to compete for tenants against a handful of other new industrial deliveries around North Charleston as leases signed at older properties come up for renewal over the next several quarters.
