The Midlands’ tight industrial real estate market will get a boost with a planned 350,000-square-foot speculative building at Pineview Industrial Park in Richland County.
Summit Real Estate Group is investing $28.6 million toward development of Pineview Trade Center, to be built on a 34-acre site at Bluff and Longwood roads and leased to a prospective businesses, according to a news release from the county.
County council approved the parcel’s sale at it March 1 meeting and approved a 30-year fee-in-lieu-of-tax agreement with St. Louis-based Summit on May 17.
“Council is thrilled that the team at Summit Real Estate Group sees the same potential in the Pineview Industrial Park that we do,” Richland County Council Chair Overture Walker said in the release. “The construction of a state-of-the-art facility makes it easier to find a prospective company to call Richland County home.”
During the past 10 years, the county has purchased 991 acres for the industrial park and sold 412 acres to developers. The industrial park is home to fiberglass manufacturer Jushi USA, Miwon Specialty Chemical USA Inc. and Mark Anthony Brewing.
Construction is slated to begin later this year.
“We’re excited to add to the continued development of Pineview Industrial Park,” Summit Real Estate Group partner Mark Billeaud said. “With the recent success of Mark Anthony, Miwon and Jushi USA, we hope that Pineview Trade Center, a 350,000-square-foot Class A building, will help attract another great company to Richland County. We believe Columbia is well-positioned in the Southeast to offer industrial businesses great access to major interstates, the Port of Charleston and a strong labor pool.”