First REIT Buys 240,000 SF for Conversion

(Read more on the industrial market.)

COLUMBUS, OH-First Industrial Realty Trust has purchased a 240,000-sf warehouse here, and plans to subdivide the property for multiple users. The building was purchased for about $5.3 million from AMB Property.

The building, at 4311 Janitrol Rd. on the west side, is now 15% occupied by one short-term tenant. David O’Reilly, investment officer for First Industrial, says the building had been occupied by a larger tenant that just moved out. He refused to name either tenant. Vista Industrial Packaging was listed at the address, but the company has since moved.

O’Reilly says the market would be better served by a multi-tenant building. “On the west side you see a lot more of the smaller users, from 20,000 sf to 100,000 sf. In other areas such as Richenbacher you have the bulk distribution buildings, but here is the smaller niche area. We’re going to break this building up into spaces from 24,000 sf to 60,000 sf.” Lease rates at the 18-year-old building will be $2.90 to $3.40 per sf, O’Reilly says.

O’Reilly was assisted by regional director Mark Volkman for the purchase. The company has hired Grubb & Ellis to market the property. First Industrial owns and manages more than four million sf of industrial space in Columbus, and more than 10.2 million sf in Ohio.