April 22, 2019
Dallas – Transwestern Investment Group (TIG®) today announces it has acquired a 1.5 million-square-foot industrial portfolio on behalf of TSP Value and Income Fund II. Located in Southeast Columbus, Ohio, the three bulk industrial buildings bring the value-add real estate fund’s industrial portfolio to more than 4 million square feet in the Midwest markets.
“This portfolio fits with the fund’s strategy to acquire undervalued assets in infill, last-mile locations and transform them for higher future values through local market experts, tactical capital investment and a comprehensive marketing strategy,” said Chris Sterling, Vice President at TIG. “This investment takes advantage of a tight submarket with limited bulk availabilities and a lean construction pipeline through upcoming tenant requirements.”
Located at 3800 Lockbourne Road, 4150 Lockbourne Road, and 3880 Groveport Road, the properties are currently nearly 50% leased with 764,162 square feet available for lease. These assets are well-positioned to cater to tenants seeking large blocks of space exceeding 400,000 square feet. With clear heights ranging from 22 to 24 feet, the buildings combined have more than 400 trailer storage spaces and over 500 car parking spaces.
The Columbus industrial market continues to outperform the national market, with overall market vacancy at 4.5% and 5.9% rent growth year-over-year, according to CoStar data. The city’s central location continues to make it a top location for e-commerce and logistics companies. The properties further benefit from their proximity to major transportation infrastructure, including Rickenbacker International Airport, which is a major international cargo airport, the Norfolk Southern Intermodal Park and Interstate 270.
The portfolio was acquired from a joint venture between Singerman Real Estate and Green Door Capital, which was represented by Kurt Sarbaugh and Robin Stolberg with Holliday Fenoglio Fowler, L.P. (HFF). The HFF debt placement team representing the new owner consisted of Ken Martin and Brian Carlton. Dan Wendorf with JLL is providing industrial leasing services.
ABOUT TRANSWESTERN INVESTMENT GROUP
Transwestern Investment Group (TIG®) is an investment adviser serving a broad range of clients through a diversified array of discretionary and non-discretionary investment vehicles. With $4.5 billion of assets under management as of year-end 2018, our client-focused, relationship-driven approach is built upon trust, integrity and transparency. TIG provides tactical investment management with an integrated operating platform through the Transwestern enterprise, which includes a diversified real estate services firm with 34 U.S. offices and a prominent commercial development company. For more information, visit transwesterninvest.com.
This document does not constitute an offer, solicitation or recommendation to sell or an offer to buy any securities, investment products or investment advisory services. Any offer or solicitation will be made only pursuant to a confidential private placement memorandum and subscription documents (the “Offering Materials”) and will be subject to the terms and conditions contained in such Offering Materials.
The clients included in this press release were not selected based on performance, but because they are some of the largest well-known clients with similar strategic alliances. It is not known whether these clients approve or disapprove of TIG or the services or products it provides.