BUSINESS
BY LAURRYN SALEMNOVEMBER 16, 2020 01:25 PM, UPDATED NOVEMBER 16, 2020 05:00 PM
A Columbia developer is working to accelerate development of a 38-acre industrial park near Shop Road and I-77, according to a news release.
Developer Frank Cason estimates the park could hold 20-30 industrial tenants for wholesale, light assembly, warehousing and distribution operations. Current tenants include TireHub, South Carolina Air Distributor, Party Reflections, Carrier Enterprise and FedEx Ground.
Commercial real estate broker Ben Brantley is working with Cason to lure in businesses to the area. This venture could create jobs and commerce in Richland County in the same area as a new White Claw production facility, which is moving into the nearby Pineview Industrial Park. White Claw announced Tuesday it is investing $400 million to create a facility that will employ 300 people.TOP ARTICLES
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“In light of current demand and a limited supply of not only land but also buildings in and around the Columbia market, I partnered with Cason Development Group to meet the needs of the market,” Brantley said.
Further work to make Shop Grove Commerce Park a place for businesses will include building an access road off the Shop Road Extension and constructing a spec building. Both projects will begin soon, according to the release.
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Industrial demand grew during the third quarter in South Carolina due to pandemic shopping trends in e-commerce boosting the need for storage and logistics facilities, according to a study by Colliers International.
The South Carolina industrial market absorbed 1.95 million square feet during the third quarter of 2020. In Columbia, the vacancy rate dropped from 4.24% during the second quarter of 2020 to 3.93% during the third quarter of 2020, according to Colliers.
Land in the park starts at $32,000 per acre, according to the CBRE listing. Based on market demand and activity, Brantley said that he is hopeful the park could be filled in less than five years.
The park will specifically target wholesale, light assembly, warehousing and distribution tenants that need a space of less than 100,000 square feet.
