Clear Height Properties and MLG Capital have, in a joint venture partnership, purchased a 290,573-square-foot industrial asset in Columbus, Ohio. Garrison Investment Group sold the building. The sales price was not disclosed.
The acquisition is the first deal for the joint venture as well as Clear Height’s first in Ohio.
Situated at 1675 Watkins Road, the infill distribution facility is being fully renovated. It features 34 docks, three drive-in doors and 22.5-foot clear heights.
Originally constructed in 1975, the building is on a 9.2 acre lot, according to Commercial Edge data. Garrison Investment Group acquired the facility in 2013, completing a cosmetic renovation on the property.
Located on the southeast side of Columbus, the asset is within the Watkins Road Industrial Park. The Rickenbacker air cargo airport and Norfolk Southern Discovery intermodal yard are in close proximity.
JLL’s Dan Wendorf represented the seller, while JLL’s Nick Tomasone and Joe Davis represented Clear Height.
In prepared remarks, Ryan Maher, director of acquisitions at Clear Height Properties, said that with companies like Intel and Honda/LG locating and developing in Ohio, as well as vacancy rates in the region being low, expanding to the area was a positive strategic move.
Intel’s nearly 1,000-acre site, which will hold a $20 billion project, is expected to begin the production of semiconductors in 2025. Intel is one of many companies moving large production and distribution facilities to Ohio, fueling the industrial sector’s further success in the area.
Another company seen acquiring in Columbus is Cologix. The company recently released plans to invest $150 million into a 256,000-square-foot data center. The new facility is located next to three existing facilities, also owned by Cologix.
With the announcements of large-scale investments in the area, demand for space is on the rise. In early 2022, Columbus reached a record low industrial vacancy of 1.5 percent, according to a Cushman & Wakefield report. Although this rate increased to 3.7 percent in quarter three of this year, overall industrial activity in the area remains strong and is predicted to continue a healthy course.