- Jan. 18, 2021
-- Today, Westmount Realty Capital, LLC announced the sale of a 289,491-square-
foot supply chain building inside the state-of-the-
art Rickenbacker Global Logistics Industrial Park in Columbus. High-profile tenant, FedEx Supply Chain, Inc., has fully occupied the cross-dock building since September 2019.
Westmount initially acquired the property in late 2018 as part of a 1.43 million square-foot Midwest industrial portfolio, which included 12 buildings in Chicago, Cincinnati and Columbus. The building, built in 1994 on 14.32 acres, is located at 2220-2302 John Glenn Avenue in Columbus and has 46 loading docks including five drive-in doors with clear heights ranging from 24-28 feet. In 2016, FedEx only occupied 174,000 square feet of the building, but by September 2019, the Fortune 500 company amended its lease to occupy the remaining 116,000 square feet, extending its terms until March 2025.
"Demand for prime industrial space is thriving, and Columbus is a developing logistics epicenter with a strong industrial market," said Cliff Booth, CEO of Westmount. "We were able to actively manage the asset, growing occupancy from 60% to 100% with stable cash flow. Rent growth for this prime logistics submarket is strong at 3% annually and industrial vacancy for the market is 6.2%."
The building is used for third-party logistics distribution and is right next to Rickenbacker International Airport, one of the only cargo-dedicated airports in the world. The high-speed logistics hub also includes Foreign-Trade Zone (FTZ) 138, which is among the top 10 FTZs in the country. More than $10.4 billion of foreign and domestic goods moved through FTZ 138 in 2018 alone.
"Location is everything when it comes to logistics," said Brant Brown, COO and CFO at Westmount. "The fast-growing Columbus region headquarters 14 of Fortune's top 1,000 companies, so the economy will remain strong. It's centrally located between Chicago and New York and has the greatest market access of any major metro area, with nearly 50% of the U.S. population within a 10-hour drive."
Jerry Hopkins of Newmark Knight Frank represented the seller in the sale transaction.About Westmount Realty Capital
Westmount Realty Capital, LLC is a leading-edge privately held commercial real estate investment and management firm that specializes in value-add and opportunistic investments in the industrial, multifamily and office sectors. Headquartered in Dallas, TX, Westmount has built a reputation for exceptional asset performance and time-tested results over its 30-year history. The company's relationship-
driven approach to investing has earned the trust of numerous U.S. and foreign institutional and private capital sources. For additional information, contact www.westmountrc.com. (http://www.westmountrc.com/