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Newest Magnus development leases 68,000 square feet preconstruction

Melinda Waldrop //August 2, 2021//

Newest Magnus development leases 68,000 square feet preconstruction

Melinda Waldrop //August 2, 2021//

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321 Logistics, expected to be ready for occupancy at the end of 2021, is Magnus Development's latest industrial development in the Lexington County Industrial Park. (Rendering/Provided)

Magnus Development has leased 68,040 square feet of preconstruction space on its newest industrial development, 181,440-square-foot 321 Logistics in the Lexington County Industrial Park.

Solar distributor CED Greentech, which has a West Columbia location, is the first tenant in the Class A building located along U.S. Highway 321, less than a mile from the intersection of interstates 77 and 26.

Colliers’ Chuck Salley, Dave Mathews, Thomas Beard and John Peebles represented Columbia-based Magnus Development in the transaction and will handle leasing and marketing for the property’s remaining space.

“CED Greentech brings the newest tilt-wall, Class A building in the Columbia industrial market to approximately 38% pre-leased, demonstrating the need for additional availability in this product class,” Salley, Colliers vice president and director of Colliers’ industrial brokerage team, said in a news release. “The delivery of 321 Logistics is expected to be received well by the market due to high demand and limited supply, and the speculative buildings that Magnus has developed do not stay available for long.”

321 Logistics will feature a 30-foot minimum clear height, expandable dock doors and ample trailer drops, along with an ESRF fire suppression system and motion sensor LED light fixtures.

Magnus anticipates the building being available for occupancy by the end of the year, according to the release.

“Today’s industrial vacancy rate in central South Carolina is nearing historic lows, and it is becoming more difficult to find well-located, flexible industrial buildings such as the 321 Logistics building,” said Kevin Werner, partner with Magnus Development. “The Lexington County Industrial Park has proven to be a location that continues to meet this demand with quality industrial buildings. The right product, coupled with proactive economic development agencies, helps ensure we will deliver investments and jobs for the region.”

A recent report from Colliers found Columbia’s overall industrial vacancy to be at an all-time low of 3.97% in the second quarter of 2021. In the second quarter of 2018, the market’s vacancy rate stood at 9.22%, according to the report.

Lexington office building sells for $1.3 million

A fully leased, multi-tenant office building at 4574 Sunset Boulevard in Lexington has sold for $1.3 million.

ROI Commercial LLC principal and broker Sherri C. Burriss represented the seller, Ligon Inc., in the transaction. The building was purchased by Sungold Co. LLC, represented by Philip Vann of Cushman & Wakefield | Thalhimer.