NORTH CHARLESTON — Two buildings in a Lowcountry business park have changed hands for $48 million.
Remount Business Park, a Class-A, master-planned office and industrial park, consists of three buildings housing 400,000 square feet of office and flex space.
The sale included Remount I, comprising 199,964 square feet at 1101 Remount Road, and Remount II, measuring 105,150 square feet at 1141 Remount Road.
Florida-based Accesso, an investment manager and operator of multi-tenant office, mixed-use and multifamily assets, along with its equity partner Partners Group sold the buildings after more than a decade of ownership.
Remount I was previously purchased for $32.7 million in 2011 and Remount II for $17.1 million in 2014, according to county records.
The 65-acre property was sold to Accordia Realty, a full-service real estate firm out of New Jersey that specializes in asset, property, development and construction management as well as marketing and brokerage services throughout the U.S.
Jason Bogart, founding principal of Accordia, called the property a strategic expansion that falls in line with the company’s new acquisition strategy to focus on Southeast industrial assets.
The Remount property, along with five buildings in North Carolina, “fit that mold and allowed us to diversify and expand,” Bogart said. “Remount is a natural fit — its prime location and strategic advantages give us an opportunity to strengthen relationships with defense and engineering tenants while enhancing the property for long-term growth.”
The park is located near the intersection of North Rhett Avenue and Remount Road in North Charleston immediately adjacent to the entrance of naval Weapons Station Charleston. Bogart said the location “got us really excited about the opportunity to become part of the city’s growth and story.”
Following the sale, Bogart said the plan is to give the building a refreshed image with new landscaping, signage, lighting, new paint schemes and other upgrades.
“We want the market and tenants to know we are open for business,” he said.
CBRE, along with Newmark, represented the sellers in the transaction and will market the current vacancies.
While most of the existing tenants have offices in the buildings, they mainly use their spaces for warehousing, research and development, and storage.
Paul Gaines, chief asset officer for Accesso, said the company’s “exit aligns perfectly with our fund objectives as well as the expiration of the loan.”
He added that Accordia’s “proactive asset management approach and growth mindset make them an ideal steward of this asset moving forward.”
Remount Venture LLC, composed of Clayco and Venture One, invested $90 million to develop the park with the first two buildings opening in 2010 and the third following in 2013. It was built as a high-tech office and defense integration hub, mostly occupied by military and engineering professionals working on defense and space contracts. Tenants include Scientific Research Corporation and CGI Federal.
Accesso’s portfolio includes 26 properties, with 13 million square feet under management, including 1.2 million square feet of multifamily space. Its affiliate, Accesso Services LLC, provides proactive, cost-efficient property management services with an owner’s mindset. Accesso Partners LLC is headquartered in Hallandale Beach, Florida, and has offices in Atlanta, Charlotte, Chicago, Dallas, Houston and Minneapolis.