EQT Exeter Pays $89M for Columbus-Area Facility
The development is fully leased by Illuminate USA.
Red Rock Developments has sold a 946,400-square-foot logistics property, Red Chip Farms Building B in Pataskala, Ohio, just outside of Columbus. EQT Exeter paid $89.1 million for the asset, public records show. Colliers represented the seller.
Completed in 2024 on an 83-acre site, the Class A building is fully leased to Illuminate USA, a clean energy manufacturer. The property includes 40-foot ceilings, 48 hydraulic dock levelers and ample trailer parking.
While the project was under construction, Synovus Bank provided Red Rock with a $38.7 million loan in August 2023, Yardi Research Data shows. The note will mature in 2027.
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Located at 7409 Mink St. as part of the 350-acre Red Chip Farms development, the industrial facility is 20 miles outside of Columbus, in Licking County. The John Glenn Columbus International Airport is about 14 miles from the property that also has easy access to Interstate 70 and the state’s highway network.
Alex Cantu and Alex Davenport of Colliers Industrial Capital Markets represented Red Rock in the transaction.
Red Rock has worked with the brokerage firm on other projects as well. Late last year, the developer delivered a 519,792-square-foot, Class A distribution facility in Gaston, S.C. A Colliers team is handling the leasing efforts and also serves as property manager.
Columbus’ industrial demand fueling pipeline
Multiple industrial projects are underway in the Columbus area, as the market continues to see healthy demand. Some 1.2 million square feet of speculative space broke ground in the second quarter alone, according to a Colliers report.
In June, VanTrust announced plans to construct an industrial project totaling 302,400 square feet within its 3.7 million-square-foot New Albany Tech Park, with completion expected next year. The campus is part of the 9,000-acre New Albany International Business Park, one of the biggest industrial parks in the nation.
Also in New Albany, Amgen started a $900 million expansion of its manufacturing facility in April, bringing the company’s investment in Central Ohio to more than $1.4 billion. Project plans include an additional 418,000 square feet to be delivered in 2027.
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