Industrial Realty JV Secures $62M for Columbus Facility
A joint venture between Industrial Realty Group and Industrial Commercial Properties has closed on a $62 million refinancing loan for Columbus Business Park, a 2.2 million-square-foot industrial facility located in Columbus, Ohio. The five-year refinancing arrangement was originated by 3650 REIT and JPMorgan Chase & Co. and replaces a previous Wells Fargo note that was set to expire in 2027, according to CommercialEdge information.
Last April, the financiers provided $180 million for the same borrowers for the refinancing of a six-property, 7 million-square-foot Midwestern industrial portfolio with assets located in Ohio and Michigan. ICP, based in Cleveland, has a portfolio of more than 150 properties around Ohio totaling more than 46 million square feet.
Columbus Business Park was built in 1971 and underwent a cosmetic renovation in 1999, CommercialEdge shows. The same source reveals that the current owners purchased the property in 2004.
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The facility, a warehousing and distribution facility that can accommodate manufacture-focused tenants has 225 dock and seven grade-level loading doors that open to an interior with 25- to 35-foot clear heights. Clothing chain Eddie Bauer has signage rights on the building’s exterior and utilizes the space as a warehouse store.
Located at 4545 Fisher Road, Columbus Business Park sits within a major industrial corridor that sits roughly 7 miles west of downtown Columbus. A connection to a CSX rail line is half a mile to the west of the facility, while onramps to both the interstates 70 and 270 are 1 mile north. Many Midwestern population hubs, including Indianapolis, Cincinnati and Cleveland, are within a three-hour drive of the facility, while Chicago and much of the Acela Corridor are roughly a day’s drive away.
Tech giants at Discovery City
Manufacturing and data center-related investments from the likes of Intel, Google, Microsoft and Honda, has bolstered Columbus’ industrial market to become ome of the strongest in the Midwest. CommercialEdge’s latest national industrial report reveals that the city’s vacancy rate was 2.4 percent at the end of March, the lowest in the region. The metro’s sales volume in the first three months of 2024 reached $151 million, second only to Chicago, while its under-construction industrial pipeline comprised 7.16 million square feet in March, trailing Chicago and Detroit.
Last month, W.P. Carey took ownership of Building 2 of Rickenbacker Exchange at Commercial Point, a 1.2 million square foot speculative building located in the suburb of the same name. The property traded for $94.1 million.
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