A subsidiary of a Fortune 500 company has leased a speculative building in a Columbia industrial park.
Colliers South Carolina brokers Chuck Salley, Dave Mathews, Thomas Beard and John Peebles represented Saxe Gotha Spec LLC/Cypress Development in the lease of a 43,750-square-foot speculative industrial building at 225 Old Wire Road in West Columbia, to WESCO Distribution Inc., a news release stated.
”Our team was pleased to represent Cypress Development to lease its first speculative industrial development,” said Salley in the release. “While marketing this property for Cypress, we realized that there is pent-up demand for freestanding industrial properties of this size as they are a rare commodity in the current market.”
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The speculative building was delivered in May 2023. It is located along Interstate 26 in the Saxe Gotha Industrial Park which is home to Amazon, Dominion Energy and Nephron Pharmaceuticals, according to the release. Chick-fil-A and Southern Glazer’s Wine & Spirits also recently announced that they will be building new distribution facilities in the park.
“Having a track record of nearly 200 primarily retail build-to-suits, we are especially pleased to announce the recent completion of a 43,750-square-foot, speculative, ground-up industrial development in our hometown of Columbia,” said Tyler Baldwin, partner and co-founder of Cypress Development Partners LLC, in the release. “The industrial market in the Midlands region has exhibited extremely low vacancy rates over the past few years. This shortage of inventory — coupled with the recent Scout Motors plant announcement and other expansions — attracted us to this sector.
“With the assistance of the Colliers industrial brokerage team, we were able to secure a longer-term lease with WESCO, a Fortune 500 tenant, during the construction process. This building provides WESCO a standalone location with great access and visibility immediately adjacent to the Saxe Gotha Industrial Park. We pride ourselves on being responsive to the markets we serve.”
WESCO Distribution Inc. is owned by Wesco International Inc., a publicly traded Fortune 500 company headquartered in Pittsburgh, and is a leading provider of business-to-business distribution, logistics services and supply chain solutions, the release stated. 2021 sales were over $18 billion. Wesco offers a product and services portfolio of electrical and electronic solutions, communications and security solutions, and utility and broadband solutions.
The company employs over 18,000 people, maintains relationships with approximately 30,000 suppliers and serves approximately 150,000 customers worldwide, the release stated. Wesco operates approximately 800 branches, warehouses and sales offices in approximately 50 countries, providing a local presence for customers and a global network to serve multi-location businesses and multi-national corporationss