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Charleston Office
25 Calhoun Street
Suite 220
P.O. Box 610 (29402)
Charleston, SC 29401
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Tel: +1 843 723 1202

Columbia Office
1301 Gervais Street
Suite 600
Columbia, SC 29201
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Tel: +1 803 254 2300

Greenville Office
55 E. Camperdown Way
Suite 200
Greenville, SC 29601
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Tel: +1 864 297 4950

Colliers International assists in sale of land for new Costco on Piney Grove Road

Columbia, SC - Colliers International’s J.P. Scurry, CCIM and Scottie Smith completed the sale of 21 acres of land on Piney Grove Road in northwest Columbia, SC that will become the site of the area’s first Costco store. Paul Holder with Avtex was a part of the team that facilitated the transaction, which involved the purchase of multiple parcels of land to facilitate the construction of a 153,000 square-foot store.

The magnitude of Costco’s arrival in Columbia cannot be overstated. Costco is the world’s second largest retailer, and prior to this announcement, the closest stores to Columbia were in Charlotte, NC and Augusta, GA. The community has been demanding a store for years, making it the most sought-after retailer for the Midlands region, but a previous deal fell through in 2013 due to conflicts over road improvement needs. The retailer has four other stores in South Carolina – Charleston, Greenville, Myrtle Beach and Spartanburg – but this will be the first new location in South Carolina in over a decade.

The new store will not only please residents who have clamored for a Costco but also boost the local economy. Costco plans to hire more than 200 people, and estimates for the county include $7 million in revenue a year in sales tax alone at the store.

While the arrival of Costco to the Columbia market has been long-awaited, it had become nearly inevitable in recent years as grocers and discount retailers have shown growing interest in the area. Costco’s announcement follows other major grocers like The Fresh Market, Lowes Foods, Kroger Marketplace, Walmart Neighborhood Market and Sam’s Club, all of whom have recently announced new locations or expansions in the market. According to Colliers’ most recent Columbia retail market report, the area’s growing residential population has driven a retail boom, with consumer spending increasing for at least the last five years. In fact, in Richland and Lexington counties, gross retail sales increased 4.3% from 2014 to 2015, reaching $22.8 billion.

Scurry, a Vice President of Colliers International South Carolina, and Smith, a Brokerage Associate, are members of the Colliers International Retail Services Team and have been involved in a significant number of sale and lease transactions across the Southeast.

ABOUT COLLIERS INTERNATIONAL

Colliers International South Carolina has over 150 staff members, including 64 real estate professionals. Total brokerage volume for the firm in 2017 exceeded $680 million involving over 900 sales and leasing transactions. Colliers International is the largest manager of commercial property in South Carolina and is an Accredited Management Organization (AMO) through the Institute of Real Estate Management (IREM), with a portfolio at year-end 2017 of approximately 14 million square feet of office, industrial, retail and healthcare properties. Colliers International’s staff holds 53 professional designations, the most of any firm in South Carolina.

Colliers International Group Inc. (NASDAQ and TSX: CIGI) is an industry leading global real estate services company with 15,000 skilled professionals operating in 68 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.

Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that helps clients accelerate their success. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 12 consecutive years, more than any other real estate services firm. Colliers also has been ranked the top property manager in the world by Commercial Property Executive for two years in a row.

For the latest news from Colliers, visit Colliers.com or follow us on Twitter (@Colliers) and LinkedIn.

TAGS: Retail

Media Contact

Liz McCary
Vice President of Marketing | South Carolina
Direct: +1 803 401 4269
liz.mccary@colliers.com



South Carolina