COLUMBUS—Bolstered by robust leasing and a hot investment climate, PCCP, LLC recently formed a joint venture with The Pizzuti Cos. for the speculative development of Rickenbacker West I, an 802,390-square-foot, expandable class A industrial building in the Columbus metro area. The cross-dock distribution center will include 36' clear height and is within the Rickenbacker Global Logistics Park, where Pizzuti has developed over ten million square feet of industrial product. The partners have begun construction and plan to complete the structure by next summer.
“The Columbus market has had strong leasing activity and a shortage of new bulk industrial product,” says Rob Stofer, vice president with PCCP. Between 2010 and 2016, the vacancy rate among industrial property dropped from more than 12% to just 6%.
That's a reflection of the region's growing importance as a logistics hub. According to a recent study by JLL, 47% of the US population, and 33% of the Canadian, lies within a 10-hour drive of Columbus. Although that is comparable to Indianapolis, another giant in the distribution business, Columbus-area facilities can service the East Coast and the Southeast more efficiently.
Furthermore, significant investors have taken note of the area's growth, and placed bets that it will keep expanding. In 2015, and then again in 2016, Hillwood, a Dallas-based Perot company, bought a new speculative, class A industrial building even before a tenant had signed a lease. Its latest acquisition was Rickenbacker 717, a class A distribution center totaling 717,717 square feet located on 35 acres at 3099 Rohr Rd. Rickenbacker 717 was completed by Van Trust Real Estate LLC.
The Rickenbacker park is located within Columbus' Southeast submarket, which has many other institutional owners such as Duke Realty, JP Morgan, Northpointe, DCT Industrial, Blackstone, Exeter, and Exxcel, among others. The Rickenbacker International Airport, primarily a cargo airport, is located just to the south.
COLUMBUS—Bolstered by robust leasing and a hot investment climate, PCCP, LLC recently formed a joint venture with The Pizzuti Cos. for the speculative development of Rickenbacker West I, an 802,390-square-foot, expandable class A industrial building in the Columbus metro area. The cross-dock distribution center will include 36' clear height and is within the Rickenbacker Global Logistics Park, where Pizzuti has developed over ten million square feet of industrial product. The partners have begun construction and plan to complete the structure by next summer.
“The Columbus market has had strong leasing activity and a shortage of new bulk industrial product,” says Rob Stofer, vice president with PCCP. Between 2010 and 2016, the vacancy rate among industrial property dropped from more than 12% to just 6%.
That's a reflection of the region's growing importance as a logistics hub. According to a recent study by JLL, 47% of the US population, and 33% of the Canadian, lies within a 10-hour drive of Columbus. Although that is comparable to Indianapolis, another giant in the distribution business, Columbus-area facilities can service the East Coast and the Southeast more efficiently.
Furthermore, significant investors have taken note of the area's growth, and placed bets that it will keep expanding. In 2015, and then again in 2016, Hillwood, a Dallas-based Perot company, bought a new speculative, class A industrial building even before a tenant had signed a lease. Its latest acquisition was Rickenbacker 717, a class A distribution center totaling 717,717 square feet located on 35 acres at 3099 Rohr Rd. Rickenbacker 717 was completed by Van Trust Real Estate LLC.
The Rickenbacker park is located within Columbus' Southeast submarket, which has many other institutional owners such as Duke Realty,
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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.
