Strong Market Spurs 2M SF Industrial Sale

COLUMBUS—“It’s older and the buildings have a fairly low clear height, but its good functional product,” says Jackie Baker of Stan Johnson Company’s Los Angeles office, of the vast Columbus industrial portfolio purchased this summer by the California-based Garrison Investment Group. But “these folks are a little more of a value-added player and they like this market and this type of class B product.”

But they especially liked the price. The entire portfolio only set Garrison back $24,100,000. “They’re thinking, ‘we just bought this at cheap price and this means we can offer a lower rental rate,’” and hopefully, fill up a portfolio with a 75% occupancy rate.Baker and Lindsey Scully, also from Stan Johnson, represented both Garrison and the seller, MS South LLC, in the transaction. The portfolio included about 1.1-million-square-feet at Southfield Park and about 800,000-square-feet at Fisher Industrial Park.