CBRE Facilitates $18.7 Million Sale of Two Industrial Properties in Columbus, Ohio

CBRE represented a high-net-worth 1031 Exchange buyer from California in the acquisition of two industrial buildings totaling 86,389 square feet located at 1264-1308 North Wilson Road in Columbus, Ohio, for $18.7 million. The buyer, completing a 1031 exchange, acquired the asset from Tenby Partners.

CBRE’s Kevin Foley, Austin Wolitarsky, Matt Harris and Matt Pourcho represented the buyer in the transaction.

"California private capital continues to show strong interest in the Midwest markets, and our team is uniquely positioned to source that capital," said Foley. "1031 Exchange capital is extremely active right now- especially coming out of California, and many of these buyers are looking for stabilized industrial deals in business-friendly states."

The property is fully leased to nine tenants and features 22-foot clear heights, abundant dock and drive-in doors, diverse suite configurations, and ample on-site parking.

Foley added, "Private capital is often less dependent upon debt, frequently bringing 50%-plus equity to deals, and these investors have longer-term hold periods than the institutions. While private capital has already proven to be showing up and winning industrial deals, private capital is going to be increasingly penetrating the surrounding Midwest markets through our conduit."

"Investors have been selling out of their older, vintage product in California and trading into newer industrial buildings with stable terms and assets that require minimal management responsibilities," said Harris. "With Columbus' industrial fundamentals remaining strong, these two infill industrial buildings checked the boxes many private investors are looking to buy and hold for a very long time."