Third Coast has purchased Wesco Distribution Center, a 33,197-square-foot industrial/office property located in northeast Columbus, Ohio, in a 1031 exchange.
The asset, which carries a triple net lease, sold for $3.4 million. The property carries a cap rate of 7.93 percent, with more than four years of remaining lease term. Wesco International Inc., a global distributor of electrical products, will continue to occupy the property.
Completed in 2000 and renovated in 2007, the asset encompasses 4.2 acres. Located at 2256 Citygate Drive, Wesco Distribution Center is near the interchange of interstates 670 and 270, and John Glenn Columbus International Airport is within 3 miles. Downtown Columbus is within 8 miles of the property and the Easton Town Center shopping complex is within a 10-minute drive. Tenants surrounding the property include FedEx Ship Center, U.S Postal Service, Trane Supply and McNaughton-McKay Electric.
Daniel Zimmerman of B+E sourced the 1031 exchange buyer for the sale of the property.
Image courtesy of B+E