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Feb. 27, 2013

Welsh Buys 2 Warehouses in Groveport, Obetz as Part of $100M, 2.7 MSF Deal

By Adrian Maties, Associate Editor

Minnesota-based Welsh Property Trust has purchased two industrial properties in Groveport and Obetz from KTR Capital Partners as part of a $99.5 million, five-building portfolio. The two warehouses, which total nearly 1.5 million square feet between them, accounted for $47 million of the price tag, reported Columbus Business First.

Located in Groveport, the larger of the facilities is a 754,000-square-foot warehouse on a 42-acre site at 6766 Pontius Road. Honeywell International, the sole tenant, occupies 594,000 square feet. The property features 32-foot clear ceiling heights, 86 dock doors, four drive-in doors and parking for 502 cars and 157 trailers.

Zulily, Inc. leases the entire 737,471-square-foot distribution center at 3051 Creekside Parkway in Obetz. Located on a 37-acre site, the facility includes 32-foot clear ceiling heights, 75 dock doors (expandable to 179), six drive-in doors and parking for 506 cars and 220 trailers.warehouse situated on a 42-acre site.

“This offering represented a rare opportunity for Welsh Property Trust to acquire five debt-free, newer built industrial facilities in one transaction – one that will allow them to complement their existing portfolio and provide an immediate presence in primary distribution markets,” commented John Huguenard, an international director with Jones Lang LaSalle Inc. and co-leader of the team that arranged the deal.

 “The portfolio has been extremely well maintained by committed institutional ownership and requires minimal capital improvement in the near term,” Huguenard added. In addition to the Central Ohio properties, Welsh’s newly acquired 2.7 million-square-foot portfolio includes assets in Chicago, Indianapolis and Cincinnati.

Charts courtesy of CBRE.

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