Columbia, SC – Colliers International South Carolina brokered the investment sale of the Saxe Gotha Spec Building, a 120,000-square-foot industrial property located at 222 Old Wire Road in West Columbia, to Stag Industrial. Colliers’ Midlands Industrial Team of Chuck Salley, SIOR, Dave Mathews, SIOR and Sam Myers represented the seller, Bristley Acres, in the transaction, which is valued at $5.725 million.
“We are very pleased with the successful sale of the Saxe Gotha Spec Building,” said Salley, a Vice President and Director of Industrial Brokerage Team with Colliers South Carolina. “The challenge was to find a buyer who could contract for the property and close in 30 days, while at the same time finalizing negotiation of a lease with a tenant for the property in an aggressive timeline.”
Stag Industrial, a Boston-based Real Estate Investment Trust, proved to be the right choice, as they met every deadline and closed on schedule just 30 days after contract. “Our client was very pleased with the way Stag performed, and that is the most important aspect of this transaction for our team,” Salley said.
As noted in Colliers’ most recent Columbia industrial market report, there is increasing demand for bulk logistics industrial buildings that provide 100,000 square feet of space or more in the Midlands market, although there is not enough product to currently meet that demand. This trend makes speculative buildings like Saxe Gotha more attractive to investors.
Salley, Mathews and Myers are the leading industrial brokerage team in central South Carolina, specializing in leasing, user sales and investment sales of industrial properties. Their multi-faceted platform gives them a unique insight into market conditions for all types of industrial properties.