Xebec Lands $155M for Columbus Development
The speculative project will rise on a former rail yard.
Xebec and an institutional capital partner have closed on a $155 million construction loan for Buckeye Yards, their 1.8-million-square-foot, four-building speculative Class A industrial development in Columbus. JLL Capital Markets arranged the funding from Oxford Properties.
The project is being developed on the site of a former Norfolk Southern rail yard. The master-planned development’s first phase covers 153 acres and will consist of modern logistics and distribution space. JLL described the location as one of the last large-scale infill industrial sites in Columbus.
This first phase will comprise four industrial buildings ranging from about 205,000 square feet to more than 910,000 square feet.
The development will include both rear-load and cross-dock configurations, 36- to 40-foot clear heights, 349 dock doors, 1,180 automobile parking spaces and 477 trailer parking stalls. Buckeye Yards will benefit from a 10-year tax abatement.
READ ALSO: What’s Driving Industrial Development
Buckeye Yards is adjacent to a four-way interchange connecting Interstates 70 and 270 and the CSX intermodal facility. The property is also near Rickenbacker International Airport and John Glenn Columbus International Airport, providing multimodal transportation access for logistics, manufacturing and distribution users.
JLL’s Capital Markets team included Senior Managing Director Danny Kaufman, Managing Director Lucas Borges, Senior Director Brian Walsh, Associate Michael Gurwin and Senior Analyst Emma Berner.
Big projects, big leases
The Columbus industrial space market saw 2.9 million square feet of net absorption in the third quarter, which pulled the year-to-date total up to 9.2 million square feet, according to JLL. The market is on pace to approach its 2021 record.
Large transactions drove much of that activity, including new move-ins exceeding 300,000 and 400,000 square feet. Four new leases ranged from more than 600,000 square feet to just over 1 million square feet.
The construction pipeline grew to 13 million square feet from 9.5 million in the second quarter, with Core5, VanTrust, Scannell and Roebling Development breaking ground on speculative projects. Speculative developments account for 75 percent of the pipeline.
In October, Ambrose broke ground on the second building at its Columbus Logistics Park – West, a 169-acre logistics park in West Jefferson, Ohio, 20 miles west of downtown Columbus. At full buildout, the campus will encompass three buildings.
Earlier this month, CRG broke ground on two industrial facilities totaling 911,000 square feet at The Cubes at Etna, its 305-acre master-planned industrial park in Etna, Ohio, about 20 miles east of Columbus. Both buildings are slated for completion in 2027. CRG is developing the two buildings in partnership with an affiliate of LXP Industrial Trust.
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