Chicago-based Stotan Industrial and its joint venture partners LaSalle Investment Management and CA Industrial, have acquired a 47.58-acre land site on Hayes Road in Groveport, Ohio, from Sunshine and Smooch LLC. The JV plans to build a speculative 640,640-square-foot, Class-A single cross-dock facility with 36-foot clear ceiling height, 60 dock doors, 154 trailer sports and parking for 310 cars.
“Scarcity of product with close proximity to I-275 and a 15-year, 100 percent tax abatement made this an attractive opportunity for the joint venture,” said Stotan founder and managing partner Jim McGill. “Columbus continues to emerge as the Midwest’s most active and deepest distribution market with unrivaled market fundamentals. We are looking forward to building our portfolio in this area.”
An ideal location for logistics users, the new state-of-the-art warehouse/distribution facility will be strategically located in the Rickenbacker submarket of Columbus, Ohio, along major freight lanes serving Chicago and the Northeast with Norfolk Southern’s Intermodal Terminal less than four miles away.
The new facility will be less than one mile from Rickenbacker International Airport and offer direct access to Route 33 as well as the Interstate Highway System at multiple points including I-70, I-71, I-270 and the I-275 beltway.
CBRE’s Rick Trott, who represented Stotan on the purchase, has been retained as the leasing agent.
