FedEx Ground distribution center in Bowling Green. Image courtesy of Kingsbarn Realty Capital
Kingsbarn Realty Capital has purchased an approximately 250,000-square-foot FedEx Ground distribution center in Bowling Green, Ohio, near Toledo. The new owner will use the property as an investment in its Delaware Statutory Trust program and plans to offer it as a 1031-exchange replacement asset.
The new owner’s CEO, Jeff Pori, noted that during this economic challenging period, investors are looking for high-quality industrial assets occupied by top-companies. According to the Sentinel-Tribune, Scannell Properties is the seller and developer of the facility.
The property is a build-to-suit project situated within Woodbridge Business Park, an industrial project developed by Bowling Green Economic Development, along Interstate 75 and 20 miles from CSZ Intermodal, with its second phase of construction currently underway.
The industrial facility is leased for 15 years by FedEx Ground and includes 32-foot clear heights, 10 grade-level doors, 73 truck docks and a 120-foot truck court. The new distribution center is situated on a 49-acre lot, east of the Interstate 75 interchange, close to Bowling Green State University and Wood County Regional Airport, 15 miles from Perrysburg, Ohio, and 22 miles from Toledo, Ohio.
Notable industrial projects in Ohio
Earlier this year, NorthPoint Development opened a 625,000-square-foot distribution center in Union, Ohio, near Dayton International Airport. The property is operated and occupied by Legrand.
One of the state’s largest ongoing industrial developments is Honda Motor Co. and LG Energy Solution’s $3.5 billion battery plant in Fayette County. The new manufacturing facility is expected to be completed by the end of 2024 and to create some 2,200 new jobs.
