WPT Industrial Acquires Distribution Facility in Columbus
- Nov 04, 2016
by Gabriel Culcsar
Columbus, Ohio—WPT Industrial Real Estate Investment Trust has acquired Southwest One, a distribution facility located at 3360 Southwest Blvd. in Grove City, Ohio. The purchase price was of approximately $13.9 million all cash, having a capitalization rate of 6.8 percent.
The 226,800-square-foot property was completed in 2015 by developer Van Trust Real Estate and designed by Red Architecture + Planning LLC. The state-of-the-art Class A distribution facility features a modern front-office, rear-load design, ESFR sprinkler system, T-5 lightning and ample trailer and auto parking.
The asset is fully leased to Dollar Shave Club, a wholly-owned subsidiary of Unilever and Bridgestone. The leases include average annual contractual increases in the tenant’s rental rate of approximately 2.5 percent through the balance of the lease terms.
“We are pleased to be increasing our presence in the Ohio distribution market with this accretive acquisition while further strengthening and diversifying our overall property and tenant portfolio,” said Scott Frederiksen, CEO of WPT Industrial in prepared remarks.
Image courtesy of Van Trust Real Estate