Sealy & Co., of Dallas, has acquired a 437,589-square-foot logistics facility at 1225 Southgate Parkway in Etna Township, Ohio. Developer Core5 Industrial Partners sold the property in an off-market transaction, for an undisclosed amount.
I-70 Logistics Center East features a cross-dock layout, 36-foot clear height, ample auto parking spaces, and room for more than 100 trailers. It’s fully leased to an e-commerce logistics services company.
Sealy’s Jason Gandy, managing director – investment services, and Davis Gibbs, director – investment services, led the transaction for Sealy & Co. Adam Tyler of Cushman & Wakefield represented the seller.
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Gandy noted in a prepared statement that over the past five years, Sealy has purchased more than 1.7 million square feet of industrial assets in the Columbus area.
The metro Columbus industrial space market continues to tighten, with four straight quarters of record-setting low vacancies having culminated in the current total vacancy of 1.6 percent and leaving the metro with a “dire need for new space,” according to a first-quarter report from JLL.
Fortunately for prospective tenants, more than 13 million square feet is in the construction pipeline, and just 12 percent of it is currently preleased.
A signal deal earlier this year was Home Depot taking an entire 1.1-million-square-foot warehouse in West Jefferson.
Naturally, the tight market has pushed asking rents up, to an average of $4.62 per square foot, also according to JLL.
Almost exactly a year ago, Sealy made a pair of nearly simultaneous Midwestern acquisitions.
In one, the company bought its first property in metro Detroit, a 407,500-square-foot distribution warehouse in Flint, Mich., that’s fully leased to General Motors.
In the second, Sealy purchased Lone Elm Commerce Center, a 210,500-square-foot distribution facility in Olathe, Kan., expanding its presence in the Kansas City area.