Crescent Communities Closes Sale of AXIAL Southgate 77, Strengthening its Industrial Track Record
CHARLOTTE, North Carolina – (Oct. 15, 2025) – Crescent Communities, a nationally recognized market-leading real estate investor, developer, and operator of industrial and mixed-use communities, today announced the sale of AXIAL Southgate 77, a fully leased industrial development in Rock Hill, South Carolina, to Penzance, a fully integrated real estate owner, operator, and developer. Nolan Aston, Tommy Whitmore, Rob Speir, SIOR, and Pheobe Dinga with the Capital Markets team at Colliers advised seller on the disposition of the fully stabilized asset. The transaction underscores Crescent Communities’ ability to deliver high-quality industrial assets across the Southeast and beyond.
Completed in 2024, AXIAL Southgate 77 spans 220,281 square feet and is 100% leased to three tenants, reflecting strong demand for Class A industrial space in the Charlotte metro. Developed speculatively the facility quickly reached full occupancy, a testament to both its prime location and functional design
“AXIAL Southgate 77 reflects our vision of creating best-in-class industrial developments? that support regional growth and attract long-term, quality tenants,” said Brendan Pierce , Commercial group President at Crescent Communities. “The project’s successful lease-up and subsequent sale exemplify the strength of both the Charlotte industrial market and Crescent’s broader AXIAL portfolio. As we look ahead, we remain committed to identifying and pursuing similar opportunities across other high-growth markets, continuing to expand our AXIAL platform and deliver developments that meet the evolving needs of tenants, investors, and communities alike.”
Strategically located at 1203 Galleria Blvd in Rock Hill’s Antrim Business Park, the property offers immediate access to I-77 and a robust industrial base including Ross Dress For Less, Pepsi Cola, Caroplast, West Marine. Rock Hill’s growing labor pool and reputation as a dynamic business hub further enhance the asset’s long-term value.
Financial partners for AXIAL Southgate 77 include Atlantic Union Bank (debt) and Faison (equity). Additional partners include Choate Construction (general contractor), JTM Capital and The Tuttle Company (development), and Progressive Companies (architect and civil engineering).
The Crescent Communities team has extensive experience in executing AXIAL Industrial projects, encompassing more than $921 million. Its portfolio features 65 industrial projects, with nearly 14.5 million square feet of completed projects and 3 million square feet of projects in development or operation. Among its recent milestones are the groundbreaking of AXIAL Rockville 64 in Virginia, a two-building, 335,000-square-foot development with flexible configurations for logistics and light manufacturing, and including AXIAL Rapid Commerce in Charlotte, there have been several new completions in the Carolinas: AXIAL Bonds Farm in Concord, and a build-to-suit facility for Structural Building Solutions in Archdale.
Photos of AXIAL Southgate 77 are linked here.
###
About Crescent Communities:
Crescent Communities is a nationally recognized, market-leading real estate investor, developer, and operator of mixed-use "communities." We create high-quality, differentiated multifamily and commercial communities in many of the fastest growing markets in the United States. Since 1963, our development portfolio has included more than 96 multifamily communities and 25 million square feet of commercial space. Crescent Communities has offices in Charlotte, D.C., Atlanta, Orlando, Nashville, Dallas, Denver, and Phoenix. Our multifamily communities are branded NOVEL, RENDER, and HARMON by Crescent Communities, our industrial developments are branded AXIAL by Crescent Communities, and our life science developments are branded THE YIELD by Crescent Communities.
