GROVEPORT, OH-Duke Realty Corp. has purchased the second half of a 937,308-square-foot industrial building fully leased by Kraft Foods Inc. here in Rickenbacker Global Logistics Park. Duke had owned 50% of the building, and bought the remaining interest from Capital Square Ltd.

Duke had developed the spec building soon after the company partnered with Capital Square and the Columbus Regional Airport Authority in 2005 to build the 1,500-acre park. Kraft leased the building in December 2009.

Jim Clark, SVP with Duke, says the building fits in well with the company’s diversification of property types. “Here in Columbus we’ve sold some office buildings, and we wanted to add some industrial holdings to our overall portfolio. The Kraft lease is long-term, and the firm should benefit by the rail, road and air here, with access to the local Rickenbacker Intermodal Authority.” The intermodal benefits as a link in the chain from Norfolk Southern’s recent opening of its Heartland Corridor, a link between Norfolk, VA and Chicago.

The park is capable of handling up to 28 million square feet of development. Clark tells GlobeSt.com that work is just beginning to build up at Rickenbacker, with only about 200 acres developed so far. “We’ve seen activity pick up since the beginning of the year, it’s getting easier to justify new development. However, one of the new problems is trying to anticipate what users need today. Speculative industrial is getting trickier to build – how big, do you need cold storage, outside storage, etc.”

Clark declined to comment on the details of the recent acquisition. In the area, CB Richard Ellis Investors recently purchased the Rickenbacker II and III buildings, about one million square feet total, for about $28 per square foot.

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