Dallas developer CT Realty has lined up plans for a 382-acre logistics park near Rickenbacker International Airport
CT Realty plans 5.7 million square feet of industrial development along Air Base Road and Lockbourne Road near the Norfolk Southern intermodal rail yard.
The company plans 5.7 million square feet of industrial development along Air Base Road and Lockbourne Road near the Norfolk Southern intermodal rail yard in northern Pickaway County. It acquired the land in a joint venture with Walton Street Capital. A price hasn’t yet been registered with the county auditor’s site.
“Columbus is a superb market from which to reach over half of the U.S. population and one-third of Canadian residents in a single-day truck drive, making this an ideal distribution location for companies,” Rob Huthnance, the CT partner responsible for Midwest and East Coast development and operations, said in a statement.
The first phase of the development – two industrial buildings totaling 1.47 million square feet – will begin in the first quarter of 2020, with a targeted completion date in early 2021. Bank of America will provide construction financing, and Premier Design + Build Group is the general contractor for the infrastructure and first phase of the project.
CT Realty, which focuses on Class A industrial logistics development, has acquired 2,400 acres of land since 2010 to develop 32 million square feet of logistics buildings. The company said Columbus’ performance as a strong industrial user and the proximity to both major highways and rail lines make it a lucrative market to build in.
Brian Marsh and Dan Wendorf with JLL brokered the land sale and will represent the project in leasing to tenants. JLL data show nearly 9.9 million square feet of new industrial space planned to come online in the first half of this year, likely to be a record. But modern industrial vacancy across the market shrunk to 4.7% at the end of 2019 despite a rigorous year for construction, and JLL predicts demand at Rickenbacker will continue to drive more.
“There’s strong tenant interest in the space here in town, so that’s fueling good development activity this year,” Wendorf said. “Tenants are leasing up the new property as quickly as it comes online.”