Colliers International assists in sale of land for new Costco on Piney Grove Road
August 31, 2016
Deal signals end of long wait for the retailer in Columbia
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 has 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.
J.P. Scurry, CCIM and Scottie Smith
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 is 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 Group
Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIG) 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.
Colliers International | South Carolina has over 160 staff members, including 60 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 of approximately 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
