Clear Peak JV Enters Ohio Industrial Market – Industrial Property Govt

1675 Watkins Rd., Columbus, Ohio

Clear Peak Properties and MLG Capital have, in a three way partnership partnership, bought a 290,573-square-foot industrial asset in Columbus, Ohio. Garrison Funding Group offered the constructing. The gross sales worth was not disclosed.

The acquisition is the primary deal for the three way partnership in addition to Clear Peak’s first in Ohio.

Located at 1675 Watkins Highway, the infill distribution facility is being absolutely renovated. It options 34 docks, three drive-in doorways and 22.5-foot clear heights.

Initially constructed in 1975, the constructing is on a 9.2 acre lot, based on Industrial Edge information. Garrison Funding Group acquired the ability in 2013, finishing a beauty renovation on the property.

Situated on the southeast aspect of Columbus, the asset is throughout the Watkins Highway Industrial Park. The Rickenbacker air cargo airport and Norfolk Southern Discovery intermodal yard are in shut proximity.

JLL’s Dan Wendorf represented the vendor, whereas JLL’s Nick Tomasone and Joe Davis represented Clear Peak.

Columbus industrial sizzling spot

In ready remarks, Ryan Maher, director of acquisitions at Clear Peak Properties, stated that with firms like Intel and Honda/LG finding and growing in Ohio, in addition to emptiness charges within the area being low, increasing to the realm was a constructive strategic transfer.

Intel’s almost 1,000-acre web site, which can maintain a $20 billion challenge, is predicted to start the manufacturing of semiconductors in 2025. Intel is one in every of many firms transferring massive manufacturing and distribution amenities to Ohio, fueling the commercial sector’s additional success within the space.

One other firm seen buying in Columbus is Cologix. The corporate not too long ago launched plans to speculate $150 million right into a 256,000-square-foot information middle. The brand new facility is situated subsequent to a few present amenities, additionally owned by Cologix.

With the bulletins of large-scale investments within the space, demand for house is on the rise. In early 2022, Columbus reached a file low industrial emptiness of 1.5 p.c, based on a Cushman & Wakefield report. Though this charge elevated to three.7 p.c in quarter three of this 12 months, total industrial exercise within the space stays robust and is predicted to proceed a wholesome course.

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