CT Realty, Walton Street Capital to Develop 5.7M SF Logistics Park in Columbus
CT acquired the 382-acre property within the Rickenbacker Industrial Park in a joint venture with Walton Street Capital. Construction financing will be provided by Bank of America.
COLUMBUS, OH—CT Realty of Dallas and Chicago-based Walton Street Capital have acquired 382 acres of land here for the development of a 5.7-million-square-foot logistics park that will consist of large-scale warehouse and distribution space.
CT Realty acquired the 382-acre property within the Rickenbacker Industrial Park in a joint venture with Walton Street Capital. Construction financing will be provided by Bank of America.
Terms of the land acquisition were not disclosed. The Jones Lang LaSalle team of Brain Marsh and Dan Wendorf, who will also represent the project in leasing to national and local tenants, brokered the transaction.
The first phase of development will begin in the first quarter of 2020 and will consist of two buildings totaling 1,146,780 square feet. A completion date in early 2021 is planned for the two buildings.
“Columbus is a superb market from which to reach over half of the U.S. population and one-third of Canadian residents in a single-day truck drive, making this an ideal distribution location for companies,” says Rob Huthnance, the CT partner responsible for Midwest and East Coast development and operations.
The CT Realty project is near a Norfolk Southern intermodal yard and the Rickenbacker International Airport, an international logistics hub and the primary cargo-dedicated airport in the region. The project also has readily accessible ground transportation routes via I-70, I-71 and I-270.
CT Realty most recently completed more than 4 million square feet of logistics buildings in the fourth quarter of 2019 in New Jersey, Fort Worth, Indianapolis and Stockton, CA.
CT Realty Announces Launch of Atlanta Project
CT Realty and its affiliates also announced today that they are in development on two large-scale distribution buildings totaling 1,747,074 square feet at Palmetto Logistics Park, a 358-acre distribution facility in greater Atlanta.
The development follows the completion of the first phase of development in late 2018, a 1,054,500-square-foot building that was leased to medical device manufacturer Drive DeVilbiss Healthcare shortly after completion.
CT and affiliate Port Logistics Realty partnered with River Oaks Capital Partners in a joint venture with PGIM Real Estate, the real estate investment business of Prudential Financial, Inc. on the development of Palmetto Logistics Park.
Vertical construction is underway on the second building at the project, a 1,041,600-square-foot building that is slated for completion in the first quarter of this year. In addition, preliminary site work has begun on building three, a 705,474-square-foot building that will be delivered in the second quarter of 2020.