HOMAGE has agreed to completely occupy a 207,740-square-foot industrial property in Columbus, Ohio. Newmark represented the proprietor, Weston, within the lease proceedings, whereas CBRE spearheaded the negotiations on behalf of the tenant.
The classic sports activities attire firm plans to maneuver in by the tip of the 12 months. The ability will double as its company headquarters and heart for manufacturing and distribution.
Situated on 13 acres at 885 Stelzer Highway, the property is throughout the road from John Glen Columbus Worldwide Airport, roughly 7 miles northeast of the downtown space. Thoroughfares corresponding to interstates 270, 670 and U.S. Route 62 run inside roughly 3 miles.
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Weston accomplished building final 12 months, marking its first industrial challenge constructed on a speculative foundation out there. The ability options 32-foot clear heights, 17 dock doorways and two drive-in doorways.
S&T Financial institution issued a $16.3 million building mortgage set to mature subsequent 12 months, CommercialEdge reveals, whereas growth prices clocked in at $17.1 million, in keeping with an Ohio Division of Improvement doc. Moreover, Weston utilized for a 10-year, 75 p.c Enterprise Zone Tax Abatement, the identical supply reveals.
Newmark Vice Chairman Terry Coyne, alongside Managing Director Derek Lichtfuss, represented Weston within the lease proceedings. CBRE First Vice President Weston Devore led the negotiations on behalf of HOMAGE.
Industrial leasing rebounds in Columbus
Metro Columbus’ industrial leasing exercise clocked in at 4.6 million sq. toes throughout the first quarter, attaining a powerful 250 p.c improve year-over-year, in keeping with a report by Cushman & Wakefield.
In opposition to the backdrop of 12 consecutive three-month-period will increase, the market’s emptiness fee fell on a quarterly foundation to eight.7 p.c in March, the identical supply reveals. Nevertheless, the index nonetheless rose by 160 foundation factors year-over-year.
Better Columbus held 3.4 million sq. toes inside its industrial pipeline in March and many of the area was being constructed on a build-to-suit foundation, signaling a possible future drop in emptiness, Cushman & Wakefield reveals. Industrial deliveries stood at 6.5 and 1.7 million sq. toes final 12 months and final quarter, respectively.
