Raleigh-based developer purchases Synergy Business Park

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Raleigh, N.C.-based real estate developer Dominion Realty Partners has purchased the four-building, 315,919-square-foot Synergy Business Park, located at the interchange of I-26 and I-20 in the St. Andrews submarket, for $24.2 million.

Dominion Realty Partners teamed with Chicago-based investment service Blue Vista Capital Management on the acquisition and plans extensive building renovations on the 78%-occupied property.

The Synergy office park is the 18th building in Dominion Realty’s portfolio, spanning South Carolina, North Carolina and Virginia. 

“DRP is excited to enter the Columbia market with the acquisition of Synergy Business Park as we see continued upside in our ability to add value to these assets by upgrading the product offering and leasing the remaining vacancy,” Dominion Realty partner Beau McIntosh said in a news release. “DRP is actively seeking additional acquisition and development opportunities as we continue to grow and expand our portfolio into new markets across the region.”

Cushman & Wakefield Charlotte’s Rob Cochran, Jared Londry and Nolan Ashton represented the seller.

In other area transactions:

• Cregger Capital Investments Inc. purchased 48.22 acres of commercial land on Western Lane and Interstate 26 in Irmo. NAI Avant senior broker Gerald Steele represented the sellers, 1234 Madison Avenue LLC and Western Lane Development Partners LLC, in the $2.1 million transaction. Cregger Co., a wholesale distributor servicing plumbing, HVAC and electrical contractors based in West Columbia, was founded in 1978 and has 27 locations throughout South Carolina, North Carolina and Georgia. 

• A renovated building at 929 Gervais St. has reached 100% capacity after office space was leased to clothing company R3VIVE. Colliers International’s Mary Winter Teaster, J.P. Scurry, Scottie Smith and Paige Bryant represented the landlord in the lease, their fifth for the property. The building is also home to Columbia-based software company Cognito LLC, Korean restaurant 929 Kitchen & Bar and Rocket Fizz Soda Pop & Candy Shop.  
• Raymayan Supply Inc., a wholesale supply company servicing the lodging and restaurant industries based in Lexington, purchased a 34,200-square-foot industrial building at 7 Sunbelt Court for $1.35 million. Colliers agents Chuck Salley, Dave Mathews and Thomas Beard represented Judy-Sunbelt Properties LLC in the transaction.