Keeping up with CRE trends is as easy as 1-2-3 with our weekly piece! The Weekly Review is a new blog series that will be released every Friday. The market is constantly growing and adapting to new ventures and ideas, and our goal is to provide up-to-date information into what is happening in both the Columbus and U.S. markets, as well as the commercial real estate industry as a whole. As stories evolve, the Weekly Review will continue to follow along and update our clients and community.
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1
“Alterra Property Group announced the acquisition of the two properties totaling 22.3 acres, located at 4080 Business Park Dr. and 2222 New World Dr. in Columbus. Companies use industrial outdoor storage to house things such as equipment, machinery, vehicle fleets, shipping containers or retail inventory. Parker Pearson, vice president of acquisitions for Alterra, said in a press release that this purchase bolsters the firm's commitment to providing high quality industrial outdoor storage for tenants.“
“Alterra continues to expand our footprint in a key Midwest industrial and logistics market with the acquisition of two strategically located, infill IOS properties," Pearson said in the release. The properties were attractive because of their locations. Both are close to highways and rail networks, Alterra said. 4080 Business Park Dr. was purchased for $6.1 million, according to the Franklin County Auditor's website, and has about 20,000 square feet of warehouse space on eight acres. It's close to I-70 and I-270.Star Leasing Company is the sole tenant at this facility, Alterra said.”
2
“The $70 million apartments are being developed through a high-profile joint-venture between the Columbus developers that brought River & Rich online. The new apartments will not only have a different name, but they'll also be marketed separately. They are slated to open in 2026. Casto is the lead developer on Westrich, but the Columbus Metropolitan Housing Authority has long-owned the land where River & Rich's first phase sits and where this next phase will be built. The project's development team also includes Robert Weiler Co., Kelley Cos. and Mark Cain of S Cain Development and Construction, according to CMHA.”
“CMHA issued a $47.2 million construction loan for the project, the first time in its 90-year history this has been done. “We’ve never done that before for a mixed-income property. Westrich represents a milestone achievement not only for CMHA, but for all our partners who successfully helped bring the funding package together," said COO Scott Scharlach. Plans for Westrich show two U-shaped buildings – a four-story, 114-unit building and a five-story, mixed-use building with 120 apartments and about 8,000 square feet of commercial space. Units will be studio, one- and two-bedroom. The majority of units will be held for people making less than 100% of the area median income, or about $69,500 for a single person, and 80% AMI, or $55,550. There will be a private pedestrian walkway connecting the two buildings and a 229-space parking garage."
3
“The industry is growing nationwide – it is valued at about $44 billion, according to self-storage analysts. Here in Columbus, it is also booming, said Brett Hatcher, executive managing director at Marcus & Millichap's Columbus office. There is about 15 million square feet of self-storage space in the Columbus market, and people outside the region are taking notice.”
“Hatcher is still selling self-storage assets in states such as Texas, Florida and New Jersey, but he said Columbus has grown increasingly popular in the past few years. Institutional buyers looking in Central Ohio are from all over the U.S. as well as outside the country. There has been strong growth, particularly in the northern suburbs, like Delaware, Gahanna and New Albany, in regards to the number of self-storage facilities coming online, he said. Those parts of town have been most popular with investors, too, because of the amount of supply. "A lot of major firms are buying or targeting Columbus to buy," Hatcher said. Self-storage has become a more popular asset because of the stability it provides, and because one site can have a diverse set of tenants, from someone downsizing and needing to store items to a commercial user, he said.”
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