Avison Young has completed the sale of a 451,215-square-foot, two-building industrial portfolio in the Columbus, Ohio, market. Both buildings are leased to strong corporate tenants with businesses that rely on the location and the region’s distribution network.
The buyer is Exeter Property Group, a real estate investment management firm based in Philadelphia. Financial terms were not disclosed.
Avison Young principals Erik Foster and Mike Wilson, who are both based in the firm’s Chicago office and members of the company’s national industrial capital markets group, represented the seller, institutional investors advised by J.P. Morgan Asset Management.
Both buildings are located in Rickenbacker Global Logistics Park, a 1,777-acre area with 30 million square feet of development spread over multiple towns. The portfolio includes Rickenbacker IV, a 330,179-square-foot distribution center at 2400 Spiegel Drive in Groveport, Ohio, and Creekside V, a 121,036-square-foot corporate laboratory facility at 2150 Bixby Road in Lockbourne, Ohio.
Creekside V is 100-percent leased to Luxottica, the world’s largest eyewear company, which utilizes the space for its U.S. manufacturing and distribution operations. Rickenbacker IV is 70-percent leased to Essilor of America, a global optical-lens manufacturer and distributor.