COLUMBUS—Avison Young recently helped complete the sale of a 451,215-square-foot, two-building industrial portfolio in the Columbus, OH market. Strong corporate tenants, each with businesses that rely both on the location and the region's distribution network, lease the buildings.
Exeter Property Group, a real estate investment management firm based in Philadelphia, bought the structures, making it just the latest significant national investor to buy property in the Columbus metro area. Financial terms were not disclosed
Erik Foster and Mike Wilson, both Chicago-based principals and members of Avison Young's national industrial capital markets group, represented the seller, institutional investors advised by J.P. Morgan Asset Management.
“This portfolio demonstrates the continued movement of investors into growing secondary markets,” says Foster. “The strength of the Columbus industrial market, along with the outlook for long-term tenancy, made this portfolio an attractive opportunity for investors.”
Both buildings are located in Rickenbacker Global Logistics Park, a 1,777-acre area with 30 million square feet of development spread over multiple towns. The portfolio includes Rickenbacker IV, a 330,179-square-foot distribution center located at 2400 Spiegel Dr. in Groveport, OH and Creekside V, a 121,036-square-foot corporate laboratory facility located at 2150 Bixby Rd. in Lockbourne, OH.
Luxottica, the world's largest eyewear company, leases 100% of Creekside V, which it utilizes for its US manufacturing and distribution operations. Essilor of America, a global optical-lens manufacturer and distributor, leases 231,213 square feet in Rickenbacker IV.
Luxottica has been in its building since 2007 and has invested nearly $30 million in specialized equipment within the space. Essilor moved into its building in 1999 and has increased its space by 46% since then.
Both buildings are close to I-71 and I-70, and offer tenants proximity to Rickenbacker International Airport and Port Columbus International, both major cargo transport hubs. Rickenbacker Global Logistics Park is also adjacent to a newly created intermodal facility, with access to rail, road and air transport.
COLUMBUS—Avison Young recently helped complete the sale of a 451,215-square-foot, two-building industrial portfolio in the Columbus, OH market. Strong corporate tenants, each with businesses that rely both on the location and the region's distribution network, lease the buildings.
Exeter Property Group, a real estate investment management firm based in Philadelphia, bought the structures, making it just the latest significant national investor to buy property in the Columbus metro area. Financial terms were not disclosed
Erik Foster and Mike Wilson, both Chicago-based principals and members of Avison Young's national industrial capital markets group, represented the seller, institutional investors advised by J.P. Morgan Asset Management.
“This portfolio demonstrates the continued movement of investors into growing secondary markets,” says Foster. “The strength of the Columbus industrial market, along with the outlook for long-term tenancy, made this portfolio an attractive opportunity for investors.”
Both buildings are located in Rickenbacker Global Logistics Park, a 1,777-acre area with 30 million square feet of development spread over multiple towns. The portfolio includes Rickenbacker IV, a 330,179-square-foot distribution center located at 2400 Spiegel Dr. in Groveport, OH and Creekside V, a 121,036-square-foot corporate laboratory facility located at 2150 Bixby Rd. in Lockbourne, OH.
Luxottica, the world's largest eyewear company, leases 100% of Creekside V, which it utilizes for its US manufacturing and distribution operations. Essilor of America, a global optical-lens manufacturer and distributor, leases 231,213 square feet in Rickenbacker IV.
Luxottica has been in its building since 2007 and has invested nearly $30 million in specialized equipment within the space. Essilor moved into its building in 1999 and has increased its space by 46% since then.
Both buildings are close to I-71 and I-70, and offer tenants proximity to Rickenbacker International Airport and Port Columbus International, both major cargo transport hubs. Rickenbacker Global Logistics Park is also adjacent to a newly created intermodal facility, with access to rail, road and air transport.
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