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COLUMBUS, OH-Denver-based Dividend Capital has purchased a 10-building industrial portfolio for $106.5 million. Sold by the joint venture of the Pizzuti Cos. and Nationwide Realty Investors, the buildings total approximately 2.7 million sf and are located south of Columbus, in Grove City and near Rickenbacker International Airport.
Joel Pizzuti, president and COO of the Pizzuti Cos., says the time was right to sell a portion of the company's assets. "We were able to negotiate a deal that was beneficial to all parties involved, and Pizzuti is now in an ideal position to seek out new development opportunities," he says.
Michael Caprile of CB Richard Ellis represented Pizzuti along with Ted Staszak and Stephanie Park of the Chicago office and George Stecz and Donald Roberts of the firm's Columbus office. Caprile says Central Ohio's network of airfreight, interstate highways, railways, intermodal yard and foreign trade zones "makes it a very appealing industrial market for investors."
With more than 87% of the portfolio located in the Rickenbacker Airbase submarket, Caprile says the location is a highly sought-after location for bulk industrial users in the Columbus area. The remaining 12% of the portfolio is located within the 500-acre Southpark development in Grove City. The portfolio was 87% leased at the time of sale with tenants including Wal-Mart, DHL, Airborne Logistics and Nissan Motor Corp.
Dividend Capital services individual and institutional investors, including Dividend Capital Total Realty Trust, a diversified non-traded REIT, Dividend Capital Realty Income Fund, an open-end mutual fund and Dividend Capital Exchange, a source of commercial real estate replacement properties for accredited investors seeking to complete tax-deferred real estate exchanges.
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