(Read more on the industrial market.)
COLUMBUS, OH-Central Power Systems, a distributor of service products and equipment, has leased more than 160,000 sf of industrial space at 3700 Paragon Dr. here in Westbrooke Corporate Park. The company, which is relocating its corporate headquarters and primary distribution center from a smaller, nearby building, will use the new location to serve its network of dealers throughout the Midwest and East, says a spokeswoman for building owner ProLogis.
The company, a division of locally based Gardner Inc., is leasing the space in a 226,000-sf distribution facility. ProLogis bought the building and another 60,000-sf facility at 2211 Westbrooke Dr. for $7.2 million in June, sources say. The properties were purchased from Western and Southern Insurance Co.
The bulk properties in the West market of Columbus have an average lease rate of $2.58 per sf, according to a Grubb & Ellis second quarter market report. ProLogis did not comment on the lease rate for these buildings.
The Paragon Drive property is now 100% leased. ProLogis says it is marketing the second building to companies with small to medium bulk needs. “The acquisition of these two facilities at Westbrooke Corporate Park has allowed us to expand our footprint in the well-established west market, where demand remains steady,” says Brian Marsh, a ProLogis SVP, in a statement. He could not be reached for comment. The company owns or manages 12 facilities in the Westbelt industrial district, totaling more than three million sf.
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