Industrial Realty JV Secures $62M for Columbus Facility

A joint venture between Industrial Realty Group and Industrial Commercial Properties has closed on a $62 million refinancing loan for Columbus Business Park, a 2.2 million-square-foot industrial facility located in Columbus, Ohio. The five-year refinancing arrangement was originated by 3650 REIT and JPMorgan Chase & Co. and replaces a previous Wells Fargo note that was set to expire in 2027, according to CommercialEdge information.

Built in 1971, Columbus Business Park underwent a cosmetic renovation in 1999. The same source reveals that the current owners purchased the property in 2004.

Last April, the financiers provided $180 million for the same borrowers for the refinancing of a six-property, 7 million-square-foot Midwestern industrial portfolio with assets located in Ohio and Michigan. ICP, based in Cleveland, has a portfolio of more than 150 properties around Ohio totaling more than 46 million square feet.

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The warehousing and distribution facility can accommodate manufacturing-focused tenants, has 225 dock- and seven grade-level loading doors that open to an interior with 25- to 35-foot clear heights. Clothing chain Eddie Bauer has signage rights on the building’s exterior and utilizes the space as a warehouse store.

Located at 4545 Fisher Road, Columbus Business Park sits along a major industrial corridor, roughly 7 miles west of downtown. A connection to a CSX rail line is half a mile to the west, while onramps to interstates 70 and 270 are 1 mile north. Many Midwestern population hubs, including Indianapolis, Cincinnati and Cleveland, are within a three-hour drive, while Chicago and much of the Acela Corridor are roughly a day’s drive away.

Tech giants at Discovery City

Manufacturing and data center-related investments from the likes of Intel, Google, Microsoft and Honda have bolstered Columbus’ industrial market to become one of the strongest in the Midwest. The city’s vacancy rate was 2.4 percent at the end of March, the lowest in the country, CommercialEdge’s latest national industrial report reveals. The metro’s sales volume in the first three months of 2024 reached $151 million, second only to Chicago, while its under-construction industrial pipeline comprised 7.16 million square feet in March, trailing Chicago and Detroit.

Last month, W.P. Carey took ownership of Building 2 of Rickenbacker Exchange at Commercial Point, a 1.2 million square foot speculative building located in the suburb of the same name. The property traded for $94.1 million.