Exeter Property Acquires 2 Industrial Assets Near Columbus

By Roxana Baiceanu

2400 Spiegel Drive, Groveport, Ohio

Exeter Property Group has purchased a two-building industrial portfolio from a joint venture advised by J.P. Morgan Asset Management. A team of brokers from Avison Young arranged the transaction on behalf of the seller. The assets, which encompass a total of 451,215 square feet, are located within the Rickenbacker Global Logistics Park, a 30-million square feet development spread over several towns near Columbus, Ohio.

“This portfolio demonstrates the continued movement of investors into growing secondary markets,” said Avison Young Principal Erik Foster, in prepared remarks. “The strength of the Columbus industrial market, along with the outlook for long-term tenancy, made this portfolio an attractive opportunity for investors.”

The investment continues the series of Midwest industrial acquisitions that Exeter Property Group has completed this year. 

Strong tenancy

The portfolio comprises:

• Rickenbacker IV, a 330,179-square-foot distribution center located at 2400 Spiegel Drive in Groveport, Ohio
• Creekside V, a 121,035-square-foot laboratory facility located at 2150 Bixby Road in Lockbourne, Ohio

Both buildings are close to interstates 70 and 71, the Rickenbacker International Airport and Port Columbus International Airport. The Rickenbacker IV building is 70 percent leased to Essilor of America. The optical lens manufacturer moved into the facility in 1996 and has almost doubled its space since then.

The Creekside facility’s tenant is Luxottica. The accessories company has been leasing the entire property since 2007, having invested approximately $30 million in specialized equipment so far.

Foster and Mike Wilson, also a principal with Avison Young, negotiated the deal on behalf of the seller. 

Image courtesy of Avison Young