Commercial real estate investor and developer Comunale Properties (“Comunale”) has acquired the industrial building at 3705-3711 Parkway Ln. in Hillard, Ohio. The acquisition is Comunale’s second investment in Columbus and continues the company’s strategy of acquiring well-located, infill industrial assets in high-growth markets across the U.S.
Located in the Hillard submarket of West Columbus, the property sits immediately off of a major interchange with I-270, offering easy access to the Columbus highway system and efficient drive times to most of the metro area. An infill submarket, the Hilliard area is known for its limited industrial supply and close proximity to rooftop density, leading to an extremely low 1.5% vacancy rate.
The property seller will lease back a portion of the property’s warehouse space on a short-term basis while relocating its operations. Immediately upon acquisition, Comunale leased the remainder of the property to a leading national mechanical, fire protection and HVAC services company that will eventually occupy the entire premises.
“Comunale is heavily focused on high-growth markets, and Columbus is experiencing some of the strongest economic growth seen in the Midwest over the last several years,” said Matt Dodge, Vice President of Investments for Comunale Properties. “This asset fit all of the requirements of an existing tenant looking to expand their operations in the metropolitan area, and the investment was compelling for our thesis of acquiring great infill industrial assets at an attractive basis and go-forward yield.”
The Parkway Lane asset is located on 3.3 acres. Totaling 19,671 square feet, it offers 24’ clear height, dock-high and drive-in doors.
“This acquisition is a testament to our platform and the relationships we’ve built with our customers,” said John Comunale, President of Comunale Properties. “This asset is a welcome addition to our already significant portfolio in Ohio, and we look forward to continuing to grow opportunistically with the right deals in the right locations.”
Ray Boll and Jeff Boll of RJ Boll Realty represented the property seller. Comunale was unrepresented.