Key Takeaways
- • Industrial Realty Group (IRG), Provider Real Estate Partners (PREP), and DW Real Estate Partners jointly acquired Hilliard Commerce Center, a 177,680-square-foot industrial property situated on 18.6 acres in Central Ohio's Hilliard submarket.
- • The property is strategically positioned less than one mile from I-270 and approximately 20 minutes from downtown Columbus, offering superior access to the Columbus metro region within a prime infill industrial corridor with low vacancy and no new supply in the pipeline.
- • The partnership plans significant capital improvements including exterior upgrades, structural repairs, and demolition of inefficient space to position the asset for logistics, light manufacturing, and service-oriented tenants in a tight market.
- • Hilliard Commerce Center features favorable M-1 zoning, significant outdoor storage and parking capacity, and access to a strong labor pool, supporting competitive leasing opportunities in a supply-constrained market.
- • IRG has eclipsed $1 billion in new financings over the past 12 months, positioning this Central Ohio acquisition within the firm's broader industrial real estate expansion strategy.
Summary
Industrial Realty Group, LLC (IRG), a nationwide owner of commercial and industrial properties, has partnered with Provider Real Estate Partners (PREP) and DW Real Estate Partners to acquire Hilliard Commerce Center in Columbus, Ohio. The partnership purchased the 177,680-square-foot industrial property, which sits on 18.6 acres in the Hilliard submarket—one of Central Ohio's most strategically positioned infill industrial corridors.
The property's location offers compelling logistical advantages for institutional investors and operators seeking industrial exposure in high-demand markets. Situated less than one mile from Interstate 270 and just 20 minutes from downtown Columbus, Hilliard Commerce Center provides superior regional connectivity while benefiting from favorable market conditions: notably low vacancy rates and no new supply in the development pipeline. According to Peter Goffstein, Executive Vice President at IRG, "With vacancy this low and no new supply in the pipeline, the opportunity to improve this site and offer desirable space in a tight market will support community and economic growth."
The acquisition partnership is preparing a comprehensive capital improvement plan to enhance asset value and operational efficiency. Chris Salata, Partner at PREP, outlined the redevelopment strategy: "We plan to improve the property with exterior upgrades, repairs to the existing structure, and demolition of inefficient space." These improvements are designed to attract and retain tenants in logistics, light manufacturing, and service-oriented sectors—segments experiencing sustained demand in the Columbus metropolitan area.
Hilliard Commerce Center offers several operational advantages that enhance its competitive positioning. The property features favorable M-1 zoning designation, significant outdoor storage and parking capacity suitable for industrial operations, and proximity to a robust regional labor pool. These attributes create multiple value-add opportunities for tenant recruitment and retention in an undersupplied market. Leasing inquiries are being coordinated through Nick Tomasone, Senior Vice President at CBRE in Columbus.
This acquisition reflects IRG's substantial commitment to industrial real estate expansion. The firm has surpassed $1 billion in new financings over the preceding 12-month period, indicating sustained capital deployment across its portfolio and strategic positioning within a favorable supply-demand environment for industrial assets.
The property's location offers compelling logistical advantages for institutional investors and operators seeking industrial exposure in high-demand markets. Situated less than one mile from Interstate 270 and just 20 minutes from downtown Columbus, Hilliard Commerce Center provides superior regional connectivity while benefiting from favorable market conditions: notably low vacancy rates and no new supply in the development pipeline. According to Peter Goffstein, Executive Vice President at IRG, "With vacancy this low and no new supply in the pipeline, the opportunity to improve this site and offer desirable space in a tight market will support community and economic growth."
The acquisition partnership is preparing a comprehensive capital improvement plan to enhance asset value and operational efficiency. Chris Salata, Partner at PREP, outlined the redevelopment strategy: "We plan to improve the property with exterior upgrades, repairs to the existing structure, and demolition of inefficient space." These improvements are designed to attract and retain tenants in logistics, light manufacturing, and service-oriented sectors—segments experiencing sustained demand in the Columbus metropolitan area.
Hilliard Commerce Center offers several operational advantages that enhance its competitive positioning. The property features favorable M-1 zoning designation, significant outdoor storage and parking capacity suitable for industrial operations, and proximity to a robust regional labor pool. These attributes create multiple value-add opportunities for tenant recruitment and retention in an undersupplied market. Leasing inquiries are being coordinated through Nick Tomasone, Senior Vice President at CBRE in Columbus.
This acquisition reflects IRG's substantial commitment to industrial real estate expansion. The firm has surpassed $1 billion in new financings over the preceding 12-month period, indicating sustained capital deployment across its portfolio and strategic positioning within a favorable supply-demand environment for industrial assets.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.