The tight Midlands industrial property market will be boosted with a planned 350,000 square foot speculative building at Pineview Industrial Park in Richland County.
Summit Real Estate Group is investing $28.6 million in the development of Pineview Trade Center, which will be built on a 34-acre site on Bluff and Longwood roads and leased to prospective business, according to a county news release.
The county board approved the sale of the parcel at its March 1 meeting and approved a 30-year fee-in-lieu-tax agreement with St. Louis-based Summit on May 17.
“Council is delighted that the Summit Real Estate Group team sees the same potential as we do in Pineview Industrial Park,” Richland County Council Chairman Overture Walker said in the statement. “Building a state-of-the-art facility makes it easier for a potential business to locate in Richland County.”
Over the past 10 years, the county has purchased 991 acres for the industrial park and sold 412 acres to developers. The industrial park is home to fiberglass manufacturer Jushi USA, Miwon Specialty Chemical USA Inc., and Mark Anthony Brewing.
Construction is expected to begin later this year.
“We are delighted to contribute to the continued development of the Pineview Industrial Park,” said Mark Billeaud, partner at Summit Real Estate Group. “With the recent success of Mark Anthony, Miwon and Jushi USA, we hope Pineview Trade Center, a 350,000 square foot Class A building, will help attract another great business to Richland County. We believe Columbia is well positioned in the Southeast to provide industrial businesses with excellent access to major highways, the Port of Charleston and a strong labor pool.
To help market the speculative building, Summit has developed online tools, including a video and a 360-degree aerial rendering of the facility.
Contact Melinda Waldrop at 803-726-7542.