Penzance Expands Industrial Portfolio with South Carolina Acquisition of Southgate 77

WASHINGTON--(BUSINESS WIRE)--Penzance, a leading owner, operator, developer, and investor in the Mid-Atlantic region, announced today the acquisition of Southgate 77, a 220,000-square-foot Class A industrial warehouse in Rock Hill, South Carolina, within the Charlotte Metropolitan Area. Completed in October, this acquisition is Penzance’s first industrial investment in South Carolina, adding to the firm's growing portfolio across the Southeast.

“Southgate 77 represents a significant step in Penzance’s expansion of its industrial footprint into high-growth Southeast markets,” said Bob Bechtel, Vice President of Investments at Penzance.

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Located at 1203 Galleria Boulevard, Southgate 77’s immediate access to I-77 makes it a premier location for logistics and light manufacturing users. Built in 2024, the property benefits from strong tenant demand and limited new supply in the Charlotte industrial market.

“Southgate 77 represents a significant step in Penzance’s expansion of its industrial footprint into high-growth Southeast markets,” said Bob Bechtel, Vice President of Investments at Penzance. “With its best-in-class construction, strategic connectivity, and access to a robust labor pool, this acquisition is in keeping with our vision of expanding Penzance’s diversified portfolio, delivering long-term value for our investors.”

Colliers served as the sole advisors on the sale transaction.

For more information, visit www.pzre.com.

About Penzance

Penzance is a fully integrated real estate owner, operator, developer, and fund manager. Founded in 1996, the firm has built a track record of successful investing in multifamily, industrial, data center, and other commercial properties across the Mid-Atlantic, creating a reputation for attention to detail and focused, active asset management. Penzance professionals combine entrepreneurial and institutional real estate experience with in-depth local market knowledge. Its core competencies include acquisitions, development, asset management, leasing, property and construction management, capital markets and finance, fund management, and investor reporting. Over its history, Penzance has managed over $4.5 billion of gross asset value and, today, manages over $1.1 billion of discretionary capital on behalf of high-quality institutional investors through its series of flagship funds. For additional information, visit www.pzre.com.