VanTrust Sells 300 KSF Columbus-Area Industrial Facility
The newly completed property is fully leased to a technology and artificial intelligence company.
Realty Income has acquired New Albany Tech Park 300, a 300,400-square-foot industrial distribution facility in New Albany, Ohio. VanTrust Real Estate sold the asset after completing it. JLL Capital Markets brokered the deal.
The property is fully leased on a long-term basis to an undisclosed technology and artificial intelligence company. Its power capacity and industrial specifications allow the facility to support technology-related operations as well as more traditional logistics and distribution uses.
VanTrust delivered the property this year using funds from a $24.5 million construction loan from Stifel Bank and Trust, Yardi Matrix information shows. The Class A property sits on almost 23 acres at 12550 Jug St., close to Highway 161 and 23 miles from downtown Columbus, Ohio.
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The facility features 36-foot clear heights, 135-foot truck courts, 30 dock doors and four drive-in doors. The building also includes roughly 200 parking spaces, with room for expansion.
The warehouse is part of New Albany Tech Park, VanTrust’s approximately 381-acre industrial campus within the larger New Albany International Business Park. Plans for the campus call for roughly 3.7 million square feet of office, distribution and manufacturing space at full build-out. The development is geared toward technology and advanced manufacturing users, including suppliers serving nearby semiconductor operations.
The broader business park has attracted data center, manufacturing, distribution and corporate users, supported by the area’s fiber infrastructure and proximity to major transportation routes. New Albany Tech Park is about 10 miles from Interstate 270, 16 miles from John Glenn Columbus International Airport and roughly 35 miles from the Rickenbacker air cargo campus.
JLL’s team representing the seller included Senior Managing Directors John Huguenard and Sean Devaney, Managing Directors Ed Halaburt and Kurt Sarbaugh, along with Senior Directors Ross Bratcher and Will McCormack.
Columbus’ strong industrial sales
Columbus’ industrial investment activity reached almost $1.1 billion in the first eight months of this year, according to a recent Yardi Matrix industrial report. Assets in the market traded for $109 per square foot on average, below the $138 national mark. However, the metro ranked second in the midwestern region in terms of sales volume, with only Chicago ($3.2 billion) surpassing it.
In Licking County, six industrial properties totaling more than 1.2 million square feet traded during the same period, with the average price per square foot reaching almost $147. One of the largest assets that traded is New Albany Innovation Center, a 336,927-square-foot campus that MSG Acquisitions purchased for $39 million. The complex is within 1 mile from New Albany Tech Park 300.
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