Invesco Real Estate buys Gateway One, West Columbia SC (252,720 SF, fully leased)
What happened: Invesco Real Estate (AUM $84.2B) closed on Gateway One at 425 Distribution Dr., a 252,720-square-foot fully leased distribution facility in West Columbia, South Carolina, per CoStar's May 5 reporting. The facility sits along the I-26 / I-77 spine between Charleston and Charlotte ([CoStar](https://www.costar.com/article/517550516/invesco-buys-fully-leased-distribution-facility)).
Why it matters: Confirms institutional demand for fully-leased, spine-corridor SE distribution product even with the 10Y back at 4.43%. The Columbia / Lexington submarket has historically traded at a discount to Charlotte and Charleston; an Invesco buy at this size sets a fresh institutional comp. Direct read-across to Greenville-Spartanburg, Lexington County and Mecklenburg-adjacent product.
Suggested action: Push CBRE / JLL / Cushman to circulate the unredacted comp; benchmark against TCA's I-77 / I-26 mid-corridor pipeline. If Invesco is reactivating SE acquisitions, target inbound BOV / call list for any TCA stabilized assets along the Charleston-Columbia-Charlotte triangle.
EastGroup begins construction on Skyway 3, Charlotte (156,000 SF, $20.4M projected cost)
What happened: Per EastGroup's Q1 2026 release (Apr 22), EGP started four development projects totaling 586,000 SF / approximately $84M in projected costs. Subsequent to March 31, the company began construction on Skyway 3 in Charlotte, anticipated at 156,000 SF with $20.4M projected total cost ([EastGroup Q1 release](https://www.prnewswire.com/news-releases/eastgroup-properties-announces-first-quarter-2026-results-302750818.html)). Skyway sits in the Airport / Westside submarket where C&W reported airport submarket vacancy improved 410 bps QoQ in Q1.
Why it matters: Skyway 3 starts shortly after Beacon Partners' 150,515 SF spec at 13021 General Drive (also Airport / SW Charlotte) is set to deliver this month. Two best-in-class shallow-bay specs hitting the same submarket, plus EGP carries a Moody's Baa1 / cost-of-capital advantage. Pricing pressure on TCA's small-to-mid-bay product in Airport, Westside and SW Charlotte is rising.
Suggested action: Run a same-submarket rent / TI comp scan of Skyway 1, Skyway 2 and Beacon General Drive; refine TCA's Q3 spec pro-formas. Skyway 3 will be the first EGP Charlotte start of 2026 and signals where EGP wants its Carolinas growth -- worth tracking for a possible JV / forward-take entry.
NC data-center moratorium domino: Orange, Rowan, Swain counties added in late April
What happened: Per the Raleigh News & Observer (Apr 24) and WRAL (Apr 24), Orange County set a one-year moratorium, with Rowan and Swain counties following the same week. Five NC towns (including two in Wake County -- Apex and Wendell) have passed moratoriums in 2026; Durham approved a 60-day moratorium; Cumberland will hold a hearing May 13. Sanford / Lee County opted for noise and building limits in the joint land-use code rather than a moratorium. NC's 2024 down-zoning law constrains how aggressively local governments can later restrict approved sites ([N&O](https://www.newsobserver.com/news/business/real-estate-news/article315488504.html), [WRAL](https://www.wral.com/news/local/central-north-carolina-data-center-plans-april-2026/)).
Why it matters: The moratorium map now stretches from the Triangle west to Rowan and the mountains -- materially reducing the universe of sites where hyperscale users can plant flag in NC during the next 6-12 months. With Compass-Brookfield pulling out of NoVA and Edgecombe primaries flipping over data-center votes, the developer-friendly counties left in the SE Carolinas have rising scarcity value. Prologis's Cleveland Township rezoning required a no-data-center commitment to pass.
Suggested action: Stand up a Carolinas data-center site-readiness scorecard: counties without moratoriums + with adopted DC zoning code (Sanford/Lee, parts of Mecklenburg / Iredell, eastern SC) get green; counties under active moratorium or political opposition get red. Use the scorecard to triage hyperscaler RFI flow and to pre-position TCA-controlled land in green counties for option / forward-purchase structures.
BOn My Radar
10Y UST closed 4.43% on May 5 (YCharts), -2 bps from 4.45% on May 4. Range tight ahead of Friday May 8 nonfarm payrolls (March prior +178K, U/E 4.3%) ([YCharts](https://ycharts.com/indicators/10_year_treasury_rate), [FRED DGS10](https://fred.stlouisfed.org/series/DGS10)).
Trepp: Q1 2026 private-label CMBS issuance reached $32.74B across 42 deals -- second-busiest Q1 since just before the GFC ([Trepp](https://www.trepp.com/trepptalk/q1-2026-cmbs-issuance-stays-solid)).
KBRA full-year forecast: $183B in 2026 private-label CMBS issuance (+18% YoY, post-GFC high). Single-borrower >50%; CRE CLO and conduits both growing; conduit dominated by 5-yr deals ([KBRA outlook](https://www.kbra.com/publications/dncMHcjj)).
Tariff regime: 50% Section 232 duty on steel / aluminum / copper holds; 25% on derivative articles; 15% on metal-intensive industrial / grid equipment through 2027; products with <15% metal content exempt ([White House fact sheet](https://www.whitehouse.gov/fact-sheets/2026/04/fact-sheet-president-donald-j-trump-strengthens-tariffs-on-steel-aluminum-and-copper-imports/), [Construction Owners Mag](https://www.constructionowners.com/news/50-metal-tariffs-hit-construction-costs)).
Georgia Ports Authority: Blue Ridge Connector inland terminal in Gainesville GA opened May 4 with 200,000-container annual capacity. Q1 (Jan) container volumes +9.1% YoY at 456,160 boxes ([Gravity Concepts citing GPA](https://gravityconcepts.us/us-port-container-volumes-2026/), [AJC](https://www.ajc.com/news/2026/03/tariff-uncertainty-throttles-trade-but-not-expansion-at-georgias-ports/)).
Hyundai Metaplant near Savannah: 1,440 of the originally projected 8,500 jobs hired through January per CNBC tracking; battery JV ramp slower than 2022 plan ([CNBC](https://www.cnbc.com/2026/02/01/ev-pullback-factories-jobs-south.html)).
Beacon Partners published its May 2026 Charlotte industrial listings sheet -- including Airport West / Rapid Commerce Park 3927 Morris Field, plus 2615 Verde Creek and 10800 Commerce Boulevard inventory ([Beacon May 2026 listings PDF](https://beacondevelopment.com/assets/cms/downloads/propertyflyers/May-Charlotte-Industrial-Listings.pdf)).
CTrends to Watch
Tariff-driven construction-cost squeeze: 50% metals tariffs are now baked into 2026 budgets. Spec developers locking in steel pricing pre-tariff have a 12-18 month window of relative cost advantage; new starts in H2 2026 will face 200-400 bps higher hard-cost basis. Watch for shrinking margin between asking rents and replacement cost in Carolinas / Coastal SC / GA.
CMBS window reopening: $32.74B Q1 issuance + $183B full-year forecast = the cleanest debt window for industrial since 2022. Combined with $525B of 2026 maturities, expect refi-driven sale activity to pick up Q3 / Q4. Industrial agency / CMBS spreads should remain the tightest of any sector per KBRA narrative.
NC data-center fragmentation: The map is splitting into "moratorium zones" (Orange / Rowan / Swain / Wake-Apex / Wake-Wendell / Durham / Chatham / Edgecombe political risk) and "ready zones" (Lee County via Sanford code, Mecklenburg-adjacent industrial parks, parts of Iredell, eastern SC). 2024 down-zoning law caps how restrictive a moratorium can be once a use has vested. Optionality on land in ready zones is rising.
Sub-125K SF flight to quality: Matthews Q1 noted Charlotte's sub-125K SF segment at 5.8% vacancy (vs 4.3% YoY) with only 2.1-2.2 MSF UC. EGP Skyway 3 + Beacon General Drive deliveries skew Airport / SW into a multi-product showdown. The shallow-bay segment continues to outperform big-box on net effective rent retention.
DIdeas & Opportunities
Underwrite a West Columbia / Lexington County mid-corridor sweep: Use the Invesco / Gateway One comp as the institutional benchmark and price 200K-300K SF spec / value-add product on the I-26 / I-77 spine. Focus on assets with 32' clear, 60' speed bays, and within 30 minutes of CSX / NS intermodal points.
Stand up a Carolinas data-center "ready land" inventory: Identify parcels in counties without moratoriums and with explicit data-center zoning (or written staff support). Sanford / Lee County, southern Iredell, parts of Cleveland County, eastern SC counties along I-95 and I-26. Pre-position with utility-letter-of-capability and Duke / Dominion power-availability matrices in hand.
Tactically forward-fund a 5-yr CMBS conduit financing on an industrial stabilized: KBRA's outlook calls for 5-yr conduit dominance and tighter spreads. Pre-marketing a TCA stabilized 250K-500K SF industrial into the Q3 issuance window could lock in attractive coupon while the 10Y is in a 4.35-4.50% band.
GBackground -- already covered this week
Compass-Brookfield 825-acre Prince William County NoVA pull-out (May 6 brief).
Edgecombe County primary -- David Batts unseated 4-term Donald Boswell on data-center vote (May 6 brief).