PCCP, LLC has originated a $51.3 million senior loan to a joint venture between Ares Management real estate funds and Pinchal & Company for the recapitalization and lease-up of two Class-A industrial assets totaling 833,277 square feet in the southeast submarket of Columbus, Ohio.
The assets are located in the Rickenbacker Logistics Park and are less than 3.5 miles from the Rickenbacker International Airport, a major global logistics hub and one of the world’s largest dedicated cargo airports. The Rickenbacker Logistics Park is home to cargo operators including UPS, FedEx, Amazon, Cargolux, Cathay Pacific, Emirates SkyCargo and Korean Air Cargo.
The Southeast Columbus industrial submarket consists of 70 million square feet of inventory, having grown by 10 million square feet in the past five years. Despite this strong supply, positive absorption has led to an all-time low vacancy of about 1.3%, tightening 3.8% since 2020.
