Colliers brokers lease in West Columbia speculative building to WESCO Distribution Inc.
November 6, 2023
Colliers | South Carolina brokers Chuck Salley, SIOR, Dave Mathews, SIOR, Thomas Beard, SIOR and John Peebles, SIOR represented Saxe Gotha Spec, LLC/Cypress Development in the lease of a 43,750-square-foot speculative industrial building at 225 Old Wire Road in West Columbia, SC to WESCO Distribution Inc.
The speculative building was delivered in May 2023. It is located along I-26 in the Saxe Gotha Industrial Park which is home to Amazon, Dominion Energy and Nephron Pharmaceuticals. Chick-fil-A and Southern Glazer’s Wine & Spirits also recently announced that they will be building new distribution facilities in the park.
”Our team was pleased to represent Cypress Development to lease its first speculative industrial development,” said Salley, Managing Director | Industrial Services in Colliers’ Columbia office. “While marketing this property for Cypress, we realized that there is pent-up demand for freestanding industrial properties of this size as they are a rare commodity in the current market.”
“Having a track record of nearly 200 primarily retail build-to-suits, we are especially pleased to announce the recent completion of a 43,750-square-foot, speculative, ground-up industrial development in our hometown of Columbia,” said Tyler Baldwin, Partner and Co-Founder of Cypress Development Partners, LLC. “The industrial market in the Midlands region has exhibited extremely low vacancy rates over the past few years. This shortage of inventory – coupled with the recent Scout Motors plant announcement and other expansions – attracted us to this sector. With the assistance of the Colliers industrial brokerage team, we were able to secure a longer-term lease with WESCO, a Fortune 500 tenant, during the construction process. This building provides WESCO a standalone location with great access and visibility immediately adjacent to the Saxe Gotha Industrial Park. We pride ourselves on being responsive to the markets we serve.”
”We are excited to see the growth of WESCO Distribution Inc. here in Lexington County,” said Beth Carrigg, Chairwoman and Council Member of Lexington County. “The continued investment from WESCO is a true testament to people’s desire to invest in our community, as well as our continued support for existing development in Lexington County. Thank you Cypress Development and Colliers for your partnership and efforts in supporting economic development in Lexington County.”
WESCO Distribution Inc. is owned by Wesco International, Inc., a publicly traded FORTUNE 500® company headquartered in Pittsburgh, PA, and is a leading provider of business-to-business distribution, logistics services and supply chain solutions. 2021 sales were over $18 billion. Wesco offers a best-in-class product and services portfolio of electrical and electronic solutions, communications and security solutions, and utility and broadband solutions. The company employs over 18,000 people, maintains relationships with approximately 30,000 suppliers and serves approximately 150,000 customers worldwide. Wesco operates approximately 800 branches, warehouses and sales offices in approximately 50 countries, providing a local presence for customers and a global network to serve multi-location businesses and multi-national corporations. Please visit wesco.com for more information.
About Colliers
Colliers | South Carolina is the largest full-service commercial real estate firm in South Carolina with 62 licensed real estate professionals covering the state with locations in Charleston, Columbia, Greenville and Spartanburg. Colliers is an Accredited Management Organization (AMO) through the Institute of Real Estate Management (IREM) and is the largest manager of commercial real estate properties in South Carolina with a portfolio of over 20 million square feet of office, industrial, retail and healthcare properties. Colliers’ staff hold the most professional designations of any firm in South Carolina. Colliers | South Carolina’s partner, LCK, provides project management services for new facilities and renovations across South Carolina.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 65 countries, our 18,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. With annual revenues of $4.5 billion and $98 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.
