Hines Trust Buys 700 KSF Columbus Property

I 70 Logistics Center features 40-foot clear heights. Image courtesy of Hines

Hines Global Income Trust Inc., a public, non-listed real estate investment trust sponsored by Hines, has acquired I-70 Logistics Center, a 700,000-square foot industrial asset in Columbus, Ohio. The distribution center is 100 percent leased to a third-party logistics provider.

The Class A property is situated at 9157 Mink St. SW. The asset’s seller is Core5 Industrial Partners, according to CommercialEdge data.

Completed in 2023, the logistics center is located on an approximately 44-acre site. The same data source shows that the building features 40-foot clear heights, 60-foot by 53-foot, 9-inch column spacing, ESFR sprinklers, a 130-foot truck court and 490 parking spaces. I-70 Logistics Center includes dual corner office buildouts, robotics systems and 6000amp power.

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Situated in the Etna Township of Columbus, the property provides easy access to major distribution routes through U.S. Route 40, Interstate 70 and I-270. Downtown Columbus is a 30 minute drive west of I-70 Logistics Center.

The distribution facility is also in proximity to two U.S. rail providers, reaching some 60 percent of the nation’s population within a one-day drive.

JLL Capital Markets‘ Ed Halaburt and Ross Bratcher represented the seller in the deal.

Columbus-area industrial activity

According to a recent CommercialEdge industrial report, the Columbus area ranks as the tightest industrial market in the Midwest, with a 1.3 percent vacancy rate at the end of the second quarter. Further, the city also recorded the highest rent growth in the region for the first time in several quarters, with a 5.1 percent year-over-year increase as of June.

Not far from its headquarters, DHL Supply Chain is expanding its footprint with a 755,000-square-foot distribution center. Located in the Violet Township in the Columbus area, the building is slated to open in the second quarter of 2024.

VanTrust Real Estate is also investing in the region, with the upcoming groundbreaking of a 1.2 million-square-foot build-to-suit warehouse facility in New Albany, Ohio. It is the first of multiple projects that the company is expected to complete at the New Albany Tech Park development.