Exclusive: Fed One Secures Refi in Columbus

Fed One has obtained a $27.5 million refinancing loan for 3330 Alum Creek Drive, a 461,700-square-foot industrial facility in Columbus, Ohio, according to Yardi Matrix data. Reinsurance Group of America provided the permanent note set to mature in September 2033.

Previous financing backed by this warehouse includes a $28.5 million loan originated by Civista Bank in May 2022, the data provider shows. The funding was set to mature in 2027.

The facility sits on about 27 acres within the metro’s East submarket. The property is close to interstates 70 and 270 and 6 miles from Rickenbacker International Airport. Downtown Columbus is within 8 miles northwest.

The Class A distribution center comprises three drive-in doors and 60 dock-high loading doors with dock levelers and bumpers and has 36-foot clear heights. Specialized Bicycle Components occupies space at the building. The company has been present in Columbus since acquiring a local bike retail chain.

Columbus’ metrics attract investors

Loan originations for industrial assets increased 6 percent year-over-year, according to the Mortgage Bankers Association, while quarter-over-quarter volume rose a much stronger 38 percent. The gap suggests lenders became more active as the year progressed, though annual growth still trailed most other property sectors.

Industrial market trends in Columbus offer a more lender-friendly picture than many larger peers. The metro’s vacancy rate stood at 7.8 percent as of July, below the 9.3 percent national average, while asking rents rose 5 percent year-over-year to $5.85 per square foot, according to a Yardi Matrix report. Columbus had 11.8 million square feet under construction, accounting for 3.5 percent of stock—the second-highest share among the major markets tracked in the report, behind only Phoenix.