CBRE negotiates sale of 1554 Old Dairy Drive
June 6, 2016
CBRE has finalized the sale of 1554 Old Dairy Drive, in the Southeast Columbia submarket in Richland County. CBRE’s Ben Brantley provided expertise to complete the transaction on behalf of seller ODR Warehouse, LLC. The purchaser closed on May 19, 2016 and was represented by CBRE’s Martin Moore.
“The single-tenant building was highly functional and located in a desirable area making the asset a great investment. We anticipated a quick trade,” said Brantley.
“Finding an opportunity to purchase a well-maintained and functional warehouse with easy access to distribution routes at less than replacement cost is an investment gem in our current market,” said Moore.
This trade is indicative of global industrial trends according to CBRE Research’s Global Prime Logistics Rents report released in May 2016. Markets in the Americas are seeing strong demand for high quality industrial space from supply chain users, and the availability of Class A product continues to decline in most locations. Light distribution facilities located near or within major metros are growing more popular with users seeking to meet consumer demands.
1554 Old Dairy Drive was built in 1985 and was previously occupied by Lewis –Goetz and Company. It is a single-story metal insulated warehouse consisting of 21,500 sq. ft. on 1.6 acres. Property features included 1 dock door, 1 box truck door and 3 one grade doors. The property is located only two miles from Interstate 77 off of Bluff Road.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
