COLUMBUS—As reported yesterday in GlobeSt.com, this city's industrial market has been slower to benefit from the economic recovery than core markets like Chicago, or even other Midwest cities like Indianapolis, which has undergone a boom in distribution development. But the Opus Group's decision to break ground on a speculative distribution center in suburban Groveport is just the latest sign that this could be the year that Columbus truly shakes off the long recession.
This will be the company's eighth building at the Opus Business Center, which now has 3.6-million-square-feet of industrial space. Opus broke ground on the new project this month and plans to finish the 484,216-square-foot structure by November.
Opus has good reasons to be optimistic. As reported in GlobeSt.com, Opus recently signed Seattle-based SK Food Group for the remaining 180,000-square-feet of space at the 496,000-square-foot Building 7. Union Supply Company, Inc., signed a long-term lease agreement for 315,534-square-feet in the building back in 2011.
“Low vacancy rates and steady demand in the Columbus industrial market are creating a need for new large, flexible industrial spaces,” said Douglas J. Swain, vice president and general manager of Opus Development Company, LLC, in a prepared statement. He was not available for comment by press time, but GlobeSt.com will provide an update with him tomorrow. “We are excited to build upon our prior success by developing Building 8 in a prime location for a modern bulk distribution center.”
Located on 28.74 acres, the building will accommodate parking for 200 cars and 50 trucks with room to add additional parking. The building will also feature a 32' clear height and 2,500-square-feet of office space. Situated in a Community Reinvestment Area, Building 8 will qualify for 100% real property tax abatement for 15 years.
A joint venture partnership between Opus Development Company, LLC and Founders Properties, LLC will own Building 8. Opus Development will develop the property, Opus Design Build, LLC will provide design-build services and Opus AE Group, LLC will be the architect and engineer of record.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
