JV to Develop 802 KSF Distribution Facility in Ohio
PCCP and The Pizzuti Cos. intend to build a speculative industrial building in Columbus. Rickenbacker West I is anticipated to be completed by the summer of 2018.
By Laura Calugar
A rendering of Rickenbacker West I in Columbus, Ohio
A joint venture between PCCP and The Pizzuti Cos. plans to build Rickenbacker West I, an 802,390-square-foot, speculative development. The expandable Class A industrial building will sit on 50 acres in Columbus, Ohio, within the Creekside Industrial Center in the Rickenbacker Global Logistics Park. Pizzuti has already developed more than 10 million square feet of industrial product to date there. The project has begun construction and completion is scheduled for the summer of 2018.
Located within Columbus’ Southeast submarket, near other institutional owners such as Duke Realty, JP Morgan, Northpointe, VanTrust, DCT Industrial, Blackstone, Exeter and Exxcel, Rickenbacker West I will be south of Rickenbacker International Airport. The main access point to the property via Alum Creek Drive will provide east‐west access, with interstates 270, 71, 70 and 670 in close proximity. The cross-dock distribution center will feature 36-foot clear heights.
The greater Columbus industrial market consists of more than 232 million square feet and continues to attract institutional capital due to abundant workforce, favorable real estate tax abatement programs and ability to access 60 percent of the U.S. population within a one‐day drive. The Columbus industrial market is in the midst of seven straight years of positive net absorption.
Recently, PCCP also invested in North Bay Logistics Centers, a vacant 843,248-square-foot industrial building in Vacaville, Calif.
Image courtesy of PCCP
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