Published by Columbia Regional Business Report– January 20, 2022
Cleveland-based real estate owner and developer Weston Inc. is continuing its acquisition of Midlands properties.
Weston, with nearly 7 million square feet in its 45-property S.C. portfolio, has acquired a vacant, 182,160-square-foot industrial building at 3240 Brittain Drive in Newberry.
Last February, Weston acquired three vacant properties in the greater Columbia market, located at 6011 Shakespeare Road, 1030 Metso Way and 201 Metropolitan Drive to expand its Southeast Industrial Properties portfolio.
That acquisition came after a big push into the state the year before. In February 2020, Weston purchased 5.5 million square feet of industrial assets in the 37-property Carolina Industrial Properties. The 16-county, 57-tenant portfolio represented the largest single acquisition in South Carolina in at least 10 years, according to commercial real estate data provider CoStar, and was the largest transaction in Weston’s history.
Colliers | South Carolina’s industrial brokerage team of Chuck Salley, Dave Mathews, Thomas Beard and John Peebles represented Weston in the purchase of the Newberry property.
“Weston sees this property in Newberry as a value-add investment and is planning several improvements which will increase the functionality of the property for a new user,” Eileen McConville, Weston asset manager, said in a news release from Colliers. “We know that Newberry County will attract a healthy pool of prospects to lease the building as it is a great county for doing business and the quality of life is excellent.”
Grant Butler from Colliers’ Real Estate Management Service division will manage the property, while LCK, Colliers’ project management affiliate, will oversee and manage capital improvements to prepare the building for occupancy.
“There is a scarcity of rail-served buildings in South Carolina, especially buildings with a spur and switch in place,” Salley, vice president and director of Colliers’ Columbia industrial brokerage team, said. ”In addition to being rail-served, 3240 Brittain Drive has excellent truck loading facilities, trailer storage and outdoor storage.”