3880 Groveport Road, Columbus, OH
COLUMBUS, OH—Dallas, TX-based Transwestern Investment Group has acquired a 1.5 million-square-foot industrial portfolio on behalf of TSP Value and Income Fund II. Located in southeast Columbus, OH, the three bulk industrial buildings bring the value-add real estate fund's industrial portfolio to more than four million square feet in the Midwest markets.
“This portfolio fits with the fund's strategy to acquire undervalued assets in infill, last-mile locations and transform them for higher future values through local market experts, tactical capital investment and a comprehensive marketing strategy,” says Chris Sterling, vice president at TIG. “This investment takes advantage of a tight submarket with limited bulk availabilities and a lean construction pipeline through upcoming tenant requirements.”
Located at 3800 Lockbourne Road, 4150 Lockbourne Road, and 3880 Groveport Road, the properties are currently nearly 50% leased with 764,162 square feet available for lease. These assets are well-positioned to cater to tenants seeking large blocks of space exceeding 400,000 square feet. With clear heights ranging from 22 to 24 feet, the buildings combined have more than 400 trailer storage spaces and over 500 car parking spaces.
The Columbus industrial market continues to outperform the national market, with overall market vacancy at 4.5% and 5.9% rent growth year-over-year, according to CoStar data. The city's central location continues to make it a top location for e-commerce and logistics companies. The properties further benefit from their proximity to major transportation infrastructure, including Rickenbacker International Airport, which is a major international cargo airport, the Norfolk Southern Intermodal Park/Hub/Network and Interstate 270.
The portfolio was acquired from a joint venture between Singerman Real Estate and Green Door Capital, which was represented by Kurt Sarbaugh and Robin Stolberg with Holliday Fenoglio Fowler. The HFF debt placement team representing the new owner consisted of Ken Martin and Brian Carlton. Dan Wendorf with Jones Lang LaSalle is providing industrial leasing services.
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Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
