"Additionally, Columbus is centrally located -- within a one-day drive of 47% of the US and Canadian population -- making it a desirable location for businesses in need of distribution and shipping. Lastly, buying a vacant building gets them into the market fast with opportunity to land an immediate tenant, and then possibly secure land for future tenants.”

Opus completed the class A, cross-dock facility in late 2014, one of several speculative buildings recently constructed here to satisfy the burgeoning demand for distribution space in the metro area. Like much of the area's new industrial product, it offers class A amenities such as 32' clear height, 135'-185' truck courts, trailer storage, ample car parking, ESFR sprinklers, and a 15 year 100% tax abatement.

“This acquisition is consistent with our strategy to acquire and develop high-quality, functional industrial real estate in major US markets,” said Tom Fishman, executive vice president for Hillwood. However, officials from both Hillwood and Opus told GlobeSt.com that they could not disclose details of the transaction including pricing.

The project is in the Southeast submarket near not only the Rickenbacker International Airport, but the Port Columbus International Airport, and the Norfolk Southern intermodal yard. It also provides quick access to the Alum Creek Dr. and the I-270 interchange, I-70, and I-71.

Even though this building is vacant, the metro area, especially the Southeast submarket, has seen a lot of activity. As reported in GlobeSt.com, for example, NorthPoint Development recently began to put up a 1 million square foot structure near Rickenbacker International Airport. And Duke Realty Corp. has also contributed to the growing momentum. Officials from the REIT announced in August that, along with the Columbus Regional Airport Authority and Capitol Square, Ltd. they will build a 482,300 square foot warehouse at Rickenbacker Global Logistics Park.

Since 2010, the vacancy rate among industrial properties here sank from 12.4% to around 6.0%, a decline that far outpaced the national average. And in 2014 tenants in the metro area absorbed 4.7 million square feet, also a much faster pace than the US overall.

Hillwood's JLL leasing team in Columbus includes Dan Wendorf, Steve Kuhr, and Adam Bornhorst.

“Central Ohio's strong growth creates an ideal area for distributors to expand their operations,” said Don Schoenheider, senior vice president and Midwest market leader. “We look forward to partnering with dynamic and growing companies to help them better serve customers throughout North America.”