A Boston-based real estate investment trust has acquired the Saxe Gotha spec building, a 120,000-square-foot industrial property in Lexington County, for $5.725 million, or about $48 per square foot.
CoStar, a company specializing in providing commercial real estate information, reported that — pursuant to closing the deal — the new owner, Stag Industrial Inc., signed a lease with a manufacturing tenant. The new tenant, which was not identified, is expected to move in during the first quarter of 2017 and will occupy the entire building, CoStar added.
Colliers South Carolina, which announced the transaction, said its Midlands industrial brokerage team of Chuck Salley, Dave Mathews and Sam Myers represented the seller, Bristly Acres LLC, a for-profit corporation registered in South Carolina.
“We are very pleased with the successful sale of the Saxe Gotha spec building,” said Salley, vice president at Colliers. “The challenge was to find a buyer who could contract for the property and close in 30 days, while at the same time finalizing negotiation of a lease with a tenant for the property in an aggressive timeline.”
Stag met every deadline and closed on schedule, 30 days after going under contract, Salley said.
“Our client was very pleased with the way Stag performed, and that is the most important aspect of this transaction for our team,” Salley said.
The building is situated on 18.5 acres at 222 Old Wire Road in Saxe Gotha Industrial Park near the interchange of Interstates 77 and 26. The building features four dock-height and two grade-level doors and 32-foot clear height ceilings.
The building is next to the SCANA gas treatment facility and other companies in the industrial park that includes Nephron Pharmaceuticals and Amazon’s West Columbia fulfillment center.
The structure, completed in fall 2015, was built by Lexington County to meet market demand for industrial buildings larger than 100,000 square feet. Bristly Acres acquired the building in May, according to a deed filed with the county.
Stag’s portfolio consists of 294 buildings in 37 states with approximately 57 million rentable square feet.
In South Carolina, the company owns 27 properties totaling 4.4 million square feet, according to Stag’s website. South Carolina ranks among Stag’s top 10 states, accounting for 6% of rental income.
Stag focuses on the acquisition and operation of single-tenant industrial properties throughout the United States.