Lee & Associates Charleston’s Milton Thomas, CCIM, SIOR and John Kincaid, CCIM represented the Seller, CCP Industrial, LLC in the investment sale of 117,000 SF of Class A Industrial space located in Ladson, SC to Buyer, Easterly Government Properties.
Easterly Government Properties, Inc. (NYSE: DEA), a fully integrated real estate investment trust primarily focused on the acquisition, development and management of Class A commercial properties leased to the U.S. Government, has acquired the building which houses a 97,718-square foot Department of Veterans Affairs (VA) Consolidated Mail Outpatient Pharmacy (CMOP) in Charleston, South Carolina (“VA – Charleston"). The building is 83% leased by CMOP.
VA – Charleston chose this recently delivered single story warehouse as one of seven regional CMOP’s for the VA that are strategically located throughout the country. Services offered at this facility include the filling, packaging and distribution of 120,000 prescriptions per week for Veterans residing within this CMOP’s regional territory. Notably, VA – Charleston is only one of two CMOPs nationwide that has been authorized to handle the distribution of controlled substances. The VA has demonstrated its long-term commitment to this location through the execution of a 20-year lease and also heavily invested in this facility with millions of dollars of service-enhancing capital improvements.
This highly automated Class A Green Globe Certified warehouse resides on a 8.6 acre site and includes an expansive production floor, a concrete truck court featuring eight dock positions and one oversized drive in door, generous column spacing of 50’ x 50’, 22,412-square feet of office space and is serviced by VA employees in two shifts consisting of approximately 190 employees per shift for its daily operations.
Milton Thomas, Managing Principal for Lee & Associates stated, “While Lee & Associates is pleased to represent the seller in the transaction, our involvement was multi-faceted on this site. As a full-service commercial real estate firm, we also provided development and project management services for the prior owner and advisory services on the tenant lease for the new owner. The technology, security and building improvements required at this site are some of the most unique we have ever seen incorporated into an industrial asset.”