Colliers International brokers sale of Saxe Gotha Spec Building for $5.7 million

Brokerage team balances sale at the same time as finalizing negotiations with tenant to lease the space

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.

About Colliers International

Colliers International | South Carolina has over 160 staff members, including 57 real estate professionals. Total brokerage volume for the firm in 2015 was approximately $574.75 million involving over 767 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 in excess of 14 million square feet of office, industrial, retail and healthcare properties. Colliers International’s staff holds 56 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 more than 16,000 skilled professionals operating in 66 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 help clients accelerate their success. Colliers has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 11 consecutive years, more than any other real estate services firm.