Commercial real estate investor and developer Comunale Properties has acquired the industrial building at 3705-3711 Parkway Lane in Hillard, Ohio.
The acquisition is Comunale’s second investment in the Columbus, Ohio, market and continues the company’s strategy of acquiring well-located, infill industrial assets in high-growth markets across the U.S.
Located in the Hillard submarket of West Columbus, the property sits immediately off of a major interchange with I-270, offering easy access to the Columbus highway system and efficient drive times to most of the metro area. An infill submarket, the Hilliard area is known for its limited industrial supply and close proximity to rooftop density, leading to an extremely low 1.5% vacancy rate.
The property seller will lease back a portion of the property’s warehouse space on a short-term basis while relocating its operations. Immediately upon acquisition, Comunale leased the remainder of the property to a leading national mechanical, fire protection and HVAC services company that will eventually occupy the entire premises.
The Parkway Lane asset is located on 3.3 acres. Totaling 19,671 square feet, it offers 24-foot clear height, dock-high and drive-in doors.
Ray Boll and Jeff Boll of RJ Boll Realty represented the property seller. Comunale was unrepresented.
