NEWARK, OH-Cole Real Estate Investments has made what seems to be sure-bet investment by purchasing a 480,500-square-foot distribution facility for Owens Corning. The building materials maker has 11 years remaining on the triple-net lease, and the building is connected by a conveyer belt to the company’s 1.2-million-square-foot fiberglass manufacturing plant next door.
Cole paid $11.9 million for the distribution facility, which was built in 1966 and expanded in 2007, a company spokesman tells GlobeSt.com. The company already owns 95 properties in Ohio, most of which are single-tenant retrial and convenience stores. Cole also owns a FedEx distribution facility in Northwood, OH.
The spokesman says there’s a considerable amount of distribution demand around the Columbus area. “You can get to about 75% of the country within 48 hours of Columbus. This area is gaining momentum in the industrial market,” he says.
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