Boston-based Plymouth Industrial REIT has added a site near Rickenbacker International Airport to its portfolio.
The firm purchased 8.4 acres at 2626 Port Road for $10.2 million, according to the Franklin County Auditor. The land is zoned industrial and designated for warehouse use.
Cory Benson, Plymouth's senior vice president of acquisition, declined to comment on the transaction.
Plymouth has more than 30 properties in Ohio, 20 of them in Columbus, according to the firm's website.
The firm is the latest out-of-state company to expand its industrial footprint in the area.
In January, Indiana-based Ambrose Property Group announced plans to bring a $47 million, 169-acre industrial park to West Jefferson. In December, St. Louis-based Post Holdings also announced plans to open a manufacturing facility in West Jefferson, and in November 2021, Indianapolis-based Scannell Properties revealed plans for more than 2 million square feet of industrial space in Pickaway County.
This out-of-state interest is driven by Columbus' geographic location, ability to serve a majority of the North American population in a one-day truck drive and the availability of land that is able to be developed, said Benjamin Johnson, executive vice president at Colliers Columbus.
"Columbus is increasingly viewed as a prime industrial submarket," Johnson said. "There have been rising rents and continued strong tenant demand for industrial space."
Columbus' industrial vacancy rate reached record lows every quarter of 2021, culminating in an all-time low of 2.1%. The vacancy rate reflects the region's economic health and strategic location in distribution circles.