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COLUMBUS, OH-Ferguson, a Virginia-based wholesale distributor of plumbing, and Redemtech, a local provider of Technology Change Management services, have signed a total of 266,000 sf in two separate ProLogis-owned facilities.
Ferguson is taking 121,000 sf in the Capital Park East industrial park, 438 McCormick Blvd., which will serve as the company's warehouse and distribution facility in the Columbus area. Currently, the company leases more than 227,000 sf from ProLogis in Chattanooga, TN, Cincinnati, Dallas and Tampa, FL. Lease rates at the park range from $2.50 per sf to $2.90 per sf.
Redemtech has leased 145,000 sf at ProLogis' Brookham Distribution Center in Grove City, at 3650 Brookham Dr., which will serve as a major service center for the company's processing, storage and shipping operations. Micro Electronics currently leases more than 400,000 sf from ProLogis in Columbus. Lease rates in the Brookham park range from $2.65 per sf to $3 per sf.
Brian Marsh, ProLogis senior vice president and Columbus market officer, says the two leases are an example of ProLogis' focus on repeat business and growing with the current customer base of 400. He says that while the leasing activity is quite possibly a reflection of the overall economy, the Columbus industrial market has seen an increase in leasing activity during the past 12 to 24 months.
With more than 200 million sf of industrial space in the metropolitan area, the vacancy rate is on the rise as a result of new developments coming online. According the Grubb & Ellis' most recent findings, 835,887 sf were absorbed during the second quarter but the vacancy rate climbed to 11.3%.
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