In a $23.6 million deal,Garrison Investment Group has added 10 Columbus-area industrial properties to its portfolio, Columbus Business First recently reported.
In addition, New York City-based Garrison has retained Westmount Realty Capital to manage the portfolio. Westmount, which is headquartered in Dallas, is expected to become an equity investor in the portfolio, as well. Garrison and Westmount jointly own nine other properties in Columbus. Completed in late June, the deal makes the team the second-largest industrial investor in the market.
Constructed between 1972 and 1979 and renovated in 2006 and 2007, the facilities are located in two industrial parks. Three of the buildings, totaling 772,206 square feet on 43 acres, are situated on Fisher Road in Columbus’ West submarket. Seven others are located on Watkins Road in southeast Columbus near a trio of properties acquired by the Garrison/Westmount group last September. The new portfolio ranges from warehouse and distribution to flex space, and ranges in size from 19,764 to 391,000 square feet.
“As the Columbus market is recovering, the assets were able to be purchased at levels well below replacement cost and on a basis that will allow ownership to be quite competitive on rental rates,” Cliff Booth, chief executive officer at Dallas-based Westmount Realty Capital, said in a statement. “The reasonable cost of this acquisition should translate into accelerated leasing velocity and added value.”
He added that the Garrison/Westmount group also plans to invest almost $2 million in a variety of upgrades, including new roofs, parking lot renovation, improved signage, exterior and interior painting and new lighting.
Garrison and Westmount now control almost 5 million square feet of industrial space in the Columbus area. Westmount will manage all the properties. Jones Lang LaSalle Inc. will be in charge of leasing all the South subdivision properties while RJ Boll Co. will handle leasing for the Fisher Road properties in West Columbus.
A few weeks ago, Garrison Investment also purchased the 401,775 square foot Towson Commons mixed-use complex in Baltimore. Read CPE’s coverage of the transaction here.
Photo credit: Garrison Investment Group Via PRLog