January 8, 2020 – CT Realty has expanded its nationwide logistics portfolio with the purchase of 382 acres of industrial land in Columbus, Ohio for the development of 5.7 million square feet of large-scale warehouse and distribution space. Located in the largest and best-performing industrial submarket of Columbus, the eight-building project will benefit from outstanding proximity to excellent distribution infrastructure and a densely populated consumer base, both of which are key criteria for ecommerce users.
“Columbus is a superb market from which to reach over half of the U.S. population and one-third of Canadian residents in a single-day truck drive, making this an ideal distribution location for companies,” said Rob Huthnance, the CT partner responsible for Midwest and East Coast development and operations.
CT’s project is within the Rickenbacker Industrial Park and is in immediate proximity to a Norfolk Southern intermodal yard and the Rickenbacker International Airport, an international logistics hub and the primary cargo-dedicated airport in the region. The project also has readily accessible ground transportation routes via I-70, I-71 and I-270.
The first phase of development commences in the first quarter of 2020 and consists of two buildings totaling 1,146,780 square feet. A completion date in early 2021 is planned for these buildings.
CT acquired the 382-acre property in a joint venture with Walton Street Capital, a Chicago-based private equity real estate investment firm that has invested over $11 billion in real estate equity. This investment highlights Walton’s commitment to a national industrial strategy and complements CT Realty’s nationwide investment objectives. Construction financing will be provided by Bank of America.
Premier Design + Build Group will serve as general contractor for the infrastructure and phase one vertical construction. Premier has an established national construction platform and is responsible for design and construction services throughout the multi-phased development.
CT Realty is engaged in a strategic expansion to meet the significant global demand from e-commerce and logistics companies for large-scale, Class A industrial buildings in eight Tier 1 markets in the U.S. CT most recently completed over 4 million square feet of logistics buildings in the fourth quarter of 2019 in New Jersey, Ft. Worth, Texas, Indianapolis and Stockton, Calif.
“Buildings that are strategically located near modern logistics infrastructure and major population centers are integral to meeting the demands of today’s logistics users,” added Huthnance. “Developing state-of-the-art buildings in these key locations is at the heart of our national strategy.”
Terms of the sale were undisclosed. The transaction was represented by the Jones Lang LaSalle team of Brain Marsh and Dan Wendorf, who will also represent the project in leasing to national and local tenants.