JLL Capital Markets announced today that it has closed the sale of and secured acquisition financing for a fully leased, single-tenant 583,000-square-foot, mission-critical distribution center at 8355 Highfield Dr. within Columbus’ Lewis Center, Ohio.
JLL marketed the property on behalf of the seller, a joint venture between Covington Group and Castlelake. Equity Industrial Partners purchased the asset. Additionally, working on behalf of the new owner, JLL arranged a 10-year, fixed-rate, non-recourse loan with an insurance company.
The property is fully leased on a long-term basis to a large, multi-national manufacturer of heavy-duty trucks, buses and construction equipment. The building serves as its slow-moving parts division and is critical to the distribution efforts, making the location within the major logistics hub of Columbus ideal. The building was constructed in 1988 and features a 24-foot clear height, 32 dock-high doors, four drive-in doors, LED lighting and low office finish.
The distribution center is housed on nearly 31 acres located 17 miles north of downtown Columbus and is situated on the eastern side of Highway 23, allowing the tenant immediate access to an interconnected highway network that includes Interstates 71, 70, 270 and 670.
JLL Research’s 2021 Midwest Industrial Outlook report details how the Midwest is experiencing a surge in industrial investment. As warehouse demand continues to rise, Midwest markets like Columbus are seeing an unprecedented amount of investment from tenants, developers and investors that once may have overlooked the region. The Columbus Industrial market boasts a low 4.9 percent vacancy and is a prime location for logistics users seeking to service the greater Midwest and along the East Coast.
The JLL Capital Markets investment advisory sale team representing the seller was led by Senior Managing Director Coler Yokam and Senior Directors Robin Stolberg and Kurt Sarbaugh, along with Dan Wendorf, JLL Columbus industrial market brokerage lead.
The JLL Capital Markets Debt Placement team representing the new owner included Senior Managing Director Ken Martin and Managing Directors Anthony Cutone and Brandon Chavoya.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.