HOMAGE has agreed to fully occupy a 207,740-square-foot industrial property in Columbus, Ohio. Newmark represented the owner, Weston, in the lease proceedings, while CBRE spearheaded the negotiations on behalf of the tenant.
The vintage sports apparel company plans to move in by the end of the year. The facility will double as its corporate headquarters and center for production and distribution.
Located on 13 acres at 885 Stelzer Road, the property is across the street from John Glen Columbus International Airport, roughly 7 miles northeast of the downtown area. Thoroughfares such as interstates 270, 670 and U.S. Route 62 run within roughly 3 miles.
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Weston completed construction last year, marking its first industrial project built on a speculative basis in the market. The facility features 32-foot clear heights, 17 dock doors and two drive-in doors.
S&T Bank issued a $16.3 million construction loan set to mature next year, CommercialEdge shows, while development costs clocked in at $17.1 million, according to an Ohio Department of Development document. Additionally, Weston applied for a 10-year, 75 percent Enterprise Zone Tax Abatement, the same source reveals.
Newmark Vice Chairman Terry Coyne, alongside Managing Director Derek Lichtfuss, represented Weston in 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 activity clocked in at 4.6 million square feet during the first quarter, achieving an impressive 250 percent increase year-over-year, according to a report by Cushman & Wakefield.
Against the backdrop of 12 consecutive three-month-period increases, the market’s vacancy rate fell on a quarterly basis to 8.7 percent in March, the same source shows. However, the index still rose by 160 basis points year-over-year.
Greater Columbus held 3.4 million square feet within its industrial pipeline in March and most of the space was being constructed on a build-to-suit basis, signaling a potential future drop in vacancy, Cushman & Wakefield shows. Industrial deliveries stood at 6.5 and 1.7 million square feet last year and last quarter, respectively.