{"id":1004106290,"date":"2014-10-28T06:32:59","date_gmt":"2014-10-28T14:32:59","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004106290"},"modified":"2022-12-03T22:32:52","modified_gmt":"2022-12-04T06:32:52","slug":"with-112m-sale-dct-industrial-exits-columbus-market","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/with-112m-sale-dct-industrial-exits-columbus-market\/","title":{"rendered":"With $112M Sale, DCT Industrial Exits Columbus Market"},"content":{"rendered":"

By Scott Baltic, Contributing Editor<\/em><\/p>\n

In a transaction that marks its departure from the \u00a0Columbus, Ohio market, DCT Industrial Trust of Denver has sold a 3.5 million-square-foot portfolio to Exeter Property Group for $112.1 million, the REIT announced Monday.<\/p>\n

\u201cThe disposition of these assets is a significant milestone in repositioning DCT Industrial\u2019s portfolio in major U.S. distribution markets and reducing the numbers of markets in which it operates,\u201d DCT said in a statement.<\/p>\n

\u201cExiting the [Columbus] market has been a key goal of ours for some time, and will allow us to continue focusing our people and capital in markets where we have a stronger competitive position and more opportunities to deploy capital into acquisitions and new development,\u201d DCT Industrial CEO Phil Hawkins told Commercial Property Executive<\/i>.<\/p>\n

DCT Industrial was represented in the sale by Michael Caprile of CBRE Group Inc.<\/p>\n

The REIT was unable, presumably for contractual reasons, to supply information about the properties in the portfolio. Exeter Property could not be reached yesterday for additional details.<\/p>\n

DCT Industrial specializes in the acquisition, development, leasing and management of bulk distribution and light industrial properties in high-volume distribution markets. As of June 30, it owned interests in about 74 million square feet of properties leased to approximately 900 customers.<\/p>\n

This appears to be an excellent time to buy industrial properties, or to get a good price by selling them, in metro Columbus, according to figures in a third-quarter report by Cassidy Turley.<\/p>\n

Vacancy rates in both the overall market (3,003 properties totaling about 264 million square feet) and in larger bulk warehouse assets no more than 15 years old (123 buildings totaling 56 million square feet) are at all-time lows of 7.06 percent and 4.52 percent, respectively.<\/p>\n

About 2.5 million square feet of industrial space is under construction, and year-to-date absorption is about 4.2 million square feet.<\/p>\n

Of note, the Cassidy Turley report cites Exeter Property’s $21 million recent purchase of a 496,000-square-foot building at 3301-3321 Toy Road in Groveport among the market\u2019s significant industrial transactions .<\/p>\n

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In a transaction that marks its departure from the metropolitan Columbus market, DCT Industrial Trust of Denver has sold a 3.5 million-square-foot portfolio in the Ohio capital to Exeter Property Group for $112.1 million, the REIT announced Monday.<\/p>\n","protected":false},"author":882,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1585,21748,21783,13,21742],"tags":[39426],"class_list":["post-1004106290","post","type-post","status-publish","format-standard","hentry","category-columbus","category-industrial","category-investment","category-midwest","category-latest","tag-columbus"],"acf":[],"yoast_head":"\nWith $112M Sale, DCT Industrial Exits Columbus Market - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/with-112m-sale-dct-industrial-exits-columbus-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"With $112M Sale, DCT Industrial Exits Columbus Market\" \/>\n<meta property=\"og:description\" content=\"In a transaction that marks its departure from the metropolitan Columbus market, DCT Industrial Trust of Denver has sold a 3.5 million-square-foot portfolio in the Ohio capital to Exeter Property Group for $112.1 million, the REIT announced Monday.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/with-112m-sale-dct-industrial-exits-columbus-market\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-10-28T14:32:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-04T06:32:52+00:00\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/with-112m-sale-dct-industrial-exits-columbus-market\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/with-112m-sale-dct-industrial-exits-columbus-market\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"With $112M Sale, DCT Industrial Exits Columbus Market\",\"datePublished\":\"2014-10-28T14:32:59+00:00\",\"dateModified\":\"2022-12-04T06:32:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/with-112m-sale-dct-industrial-exits-columbus-market\\\/\"},\"wordCount\":338,\"commentCount\":0,\"keywords\":[\"Columbus\"],\"articleSection\":[\"Columbus\",\"Industrial\",\"Investment\",\"Midwest\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/with-112m-sale-dct-industrial-exits-columbus-market\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/with-112m-sale-dct-industrial-exits-columbus-market\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/with-112m-sale-dct-industrial-exits-columbus-market\\\/\",\"name\":\"With $112M Sale, DCT Industrial Exits Columbus Market - 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