COLUMBUS—Buyers now consider industrial real estate in the US one of the best investments around, and buildings with cold-storage capabilities are especially appealing. CBRE's corporate capital markets team has just facilitated the sale of a 465,256-square foot freezer-cooler warehouse and distribution center in Columbus, one of the premier industrial markets in the Midwest.
The team of Andrew Sandquist, JC Asensio and Briggs Goldberg listed the Mars Petcare Warehouse & Distribution Facility, located at 5303 Fisher Rd., for Singerman Real Estate and Green Door Capital, both based out of Chicago. Chicago-based Syndicated Equities and Green Door Capital purchased the single-tenant property.
“There has been an increase of activity in this sector in the last five years,” Sandquist, executive vice president of CBRE, tells GlobeSt.com, and much of that is due to e-commerce. As more and more goods are bought online, the need for brick-and-mortar stores has declined, whereas the need for logistics space, including cold storage, has increased. And for investors that buy existing cold storage facilities, there's another bonus. “It's much more expensive to develop, and there is a high barrier to entry.”
And Columbus is one of the better places to buy, he says. ”We see Columbus as one of the most strategic markets in the nation. The city's central location relative to most major markets in North America has led to an ideal mix of industries and economic diversity driving consistent growth. This offering generated a significant amount of interest from the national investment community. The property's location coupled with an overall shift toward refrigerated storage ultimately allowed us to secure very attractive terms.”
Other major industrial investors, including Hillwood, a Perot company, have recently completed significant investments in the Columbus metro region. But the niche market of cold storage holds a special appeal. There are few operators with the needed expertise, and that means new product is more difficult to finance and develop.
Mars Petcare US, a subsidiary of Mars, Inc., occupies the entire building under a long-term lease. The property sits next to Mars Petcare's largest pet food production plant. Previously, another tenant occupied a portion of the building. However, the landlord restructured the lease, allowing Mars to take over the entire facility. The property then underwent extensive renovations which transformed 168,245-square feet into freezer-cooler space.
COLUMBUS—Buyers now consider industrial real estate in the US one of the best investments around, and buildings with cold-storage capabilities are especially appealing. CBRE's corporate capital markets team has just facilitated the sale of a 465,256-square foot freezer-cooler warehouse and distribution center in Columbus, one of the premier industrial markets in the Midwest.
The team of Andrew Sandquist, JC Asensio and Briggs Goldberg listed the Mars Petcare Warehouse & Distribution Facility, located at 5303 Fisher Rd., for Singerman Real Estate and Green Door Capital, both based out of Chicago. Chicago-based Syndicated Equities and Green Door Capital purchased the single-tenant property.
“There has been an increase of activity in this sector in the last five years,” Sandquist, executive vice president of CBRE, tells GlobeSt.com, and much of that is due to e-commerce. As more and more goods are bought online, the need for brick-and-mortar stores has declined, whereas the need for logistics space, including cold storage, has increased. And for investors that buy existing cold storage facilities, there's another bonus. “It's much more expensive to develop, and there is a high barrier to entry.”
And Columbus is one of the better places to buy, he says. ”We see Columbus as one of the most strategic markets in the nation. The city's central location relative to most major markets in North America has led to an ideal mix of industries and economic diversity driving consistent growth. This offering generated a significant amount of interest from the national investment community. The property's location coupled with an overall shift toward refrigerated storage ultimately allowed us to secure very attractive terms.”
Other major industrial investors, including Hillwood, a Perot company, have recently completed significant investments in the Columbus metro region. But the niche market of cold storage holds a special appeal. There are few operators with the needed expertise, and that means new product is more difficult to finance and develop.
Mars Petcare US, a subsidiary of
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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.
