TSP Value and Income Fund II Acquires 1.5M SF Columbus, OH, Industrial Portfolio
The investment takes advantage of "a tight submarket with limited bulk availabilities and a lean construction pipeline," says Chris Sterling, vice president at TIG.
COLUMBUS, OH—Dallas, TX-based Transwestern Investment Group has acquired a 1.5 million-square-foot industrial portfolio on behalf of TSP Value and Income Fund II. Located in southeast Columbus, OH, the three bulk industrial buildings bring the value-add real estate fund’s industrial portfolio to more than four million square feet in the Midwest markets.
“This portfolio fits with the fund’s strategy to acquire undervalued assets in infill, last-mile locations and transform them for higher future values through local market experts, tactical capital investment and a comprehensive marketing strategy,” says Chris Sterling, vice president at TIG. “This investment takes advantage of a tight submarket with limited bulk availabilities and a lean construction pipeline through upcoming tenant requirements.”
Located at 3800 Lockbourne Road, 4150 Lockbourne Road, and 3880 Groveport Road, the properties are currently nearly 50% leased with 764,162 square feet available for lease. These assets are well-positioned to cater to tenants seeking large blocks of space exceeding 400,000 square feet. With clear heights ranging from 22 to 24 feet, the buildings combined have more than 400 trailer storage spaces and over 500 car parking spaces.
The Columbus industrial market continues to outperform the national market, with overall market vacancy at 4.5% and 5.9% rent growth year-over-year, according to CoStar data. The city’s central location continues to make it a top location for e-commerce and logistics companies. The properties further benefit from their proximity to major transportation infrastructure, including Rickenbacker International Airport, which is a major international cargo airport, the Norfolk Southern Intermodal Park/Hub/Network and Interstate 270.
The portfolio was acquired from a joint venture between Singerman Real Estate and Green Door Capital, which was represented by Kurt Sarbaugh and Robin Stolberg with Holliday Fenoglio Fowler. The HFF debt placement team representing the new owner consisted of Ken Martin and Brian Carlton. Dan Wendorf with Jones Lang LaSalle is providing industrial leasing services.