High Demand Pushes Ground Breaking for $90M Groveport Industrial Park
The Hub at Groveport Adds Sixth Building to Speculative Plans
COLUMBUS, November 8, 2018 – The ground breaking for the $90 Million, Groveport Logistics Hub has been pushed back to early spring due to high demand. JLL’s Brian Marsh is the leasing agent at the 1.8 million-square-foot site.
Demand in the area prompted the developer, Xebec Realty, to add a sixth building to the original five-building plan. The project, located at 1322 London Groveport Rd., is expected to be complete in 2022 with the first phase wrapping in 2019. Phase I consists of three class-A warehouse buildings at approximately 530,000 square feet in total.
Q2 data from JLL shows the Columbus industrial market sitting at a low five percent vacancy rate. New product is carrying the leasing activity.
“There is significant demand for industrial space in the Columbus area,” said Marsh. “With a wide array of modern offerings, Groveport is an ideal fit for today’s industrial occupant.”
This space also takes advantage of an Opportunity Zone, making it an even more viable investment.
“With the ability to plug into one of the most robust e-commerce supply chains in the world, we believe Columbus will remain a vital location for both logistics and fulfilment by national and global retailers,” said Xebec Realty CEO Randy Kendrick.
For more information, visit http://www.us.jll.com/en/locations/midwest.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 90,000 as of December 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About Xebec
XebecTM is a privately held real estate investment platform that provides vertically integrated and full-service real estate acquisition, development, ownership, financing, leasing, property management and real estate investment management services. With over 30 years of industrial real estate development and investment operations, the company focuses on fulfillment, warehouse and distribution centers (bulk logistics), light industrial and infill/last-mile properties located primarily in U.S. coastal and inland logistics markets with major port and rail terminals, and trucking intermodal infrastructures. For more information, visit xebecrealty.com.