PCCP, LLC has provided a senior loan to Stonemont Financial Group for the acquisition of West Jeff One, a newly constructed, 1.1-million-square-foot Class-A industrial warehouse facility. The asset is located along Route 40 and just south of I-70 in the West Jefferson submarket of Columbus, Ohio.
Situated on 61.61 acres of land west of downtown Columbus, the property features 40’ clear height, 252 trailer parking spaces, 209 car surface parking spaces, 185’ truck courts, four drive-in doors, and 110 dock doors.
The West Jefferson submarket has emerged as a key distribution hub within the Columbus MSA and has attracted users such as Amazon, Target, Ace Hardware and Home Depot. Given its proximity to I-70 and Route 40, West Jefferson emerged as a strategic regional industrial destination due to its ease of access west throughout the Midwest, and quick drive to both downtown Columbus and Rickenbacker Airport.
West Jefferson is the first industrial node west of the downtown area and grew quickly during the last 15 years from a combination of build-to-suits and larger, speculative developments. West Jefferson’s location on the west side of the MSA uniquely places it as the only submarket with strong, independent labor pools pulling from towns located to the west along I-70, such as Springfield, OH, and Dayton, OH. With a now near-zero percent vacancy rate, the 13.8 million-sf submarket follows the overall market’s fundamentals with strong rental growth and tenant demand.
