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Columbus Warehouse Development Lands Anchor Tenant

By December 1, 2018 No Comments

COLUMBUS, OHIO (December 1, 2018)—Hackman Capital Partners, LLC, a Los-Angeles-based real estate investment and operating company, with a regional office in Columbus, is capturing Central Ohio’s escalating demand for warehouse and e-commerce distribution space. The company is building a 292,730-square-foot, state-of-the-art facility in Hilliard at 1860 Walcutt Road, at the northeast intersection of Walcutt and Trabue Roads, just outside of I-270. Having recently broken ground at the site, the project is projected for delivery in the Spring of 2019, and already two-thirds of the building, or 194,796 square feet, has been leased.

The tenant, anchoring the facility, is American Furukawa, a supplier of innovative parts for the automotive, electronics, infrastructure and medical industries. Headquartered in Plymouth, Michigan, the company is a wholly owned subsidiary of Furukawa Electric Company in Japan.

CBRE’s Jeffrey Lyons represented the tenant in the transaction. Colliers’ Joel Yakovac, Shane Woloshan, Michael Linder and Jonathan Schuen represented the landlord and are retained as the exclusive leasing agents for the building’s remaining 97,934 square feet.

“We’re excited to have American Furukawa as a tenant and to see so much interest in the property,” said Ben Struewing, EVP of Hackman Capital Partners’ Midwest and Eastern-U.S. assets. “The building is uniquely flexible and easily divisible to accommodate one to two additional tenants. Given the market’s hefty tenant demand and the specific appeal of this development, we anticipate that the remaining availability will lease up quickly.”

Among the property’s most marketable features are its high-image exterior, 32-foot clear height, ESFR, efficient column spacing, cross-dock loading with up to 80 dock doors, abundant parking, and easy access to I-270 and I-70. In addition, the city of Columbus has supported and approved 10-year, 75% real estate tax abatements for the project.

“There hasn’t been new warehouse construction in the West Belt submarket since 1999. This facility will be among the best of the best and, given its strategic infill location, certainly one of a kind,” said Struewing.

The 20-acre property at 1860 Walcutt Road is among 64 buildings totaling more than 4.4 million square feet of Columbus real estate that Hackman Capital Partners has owned, through affiliated entities, since it entered the Central Ohio market in 2012. More than a million square feet of those holdings have been located in the West Belt submarket.

“We have strong ties to Columbus and an unwavering commitment to continue growing our presence here,” Struewing said.

Hackman Capital Partners’ ties to the area, however, go beyond its Columbus holdings. Struewing is a Worthington native and a 20-plus-year veteran of Central Ohio’s industrial and commercial real estate industry. Struewing joined Hackman Capital in 2013, coming from Jones Lang LaSalle, where he was Senior Vice President, and previously from Duke Realty Corporation as Vice President. The company’s founder and CEO, Michael Hackman, was born and raised in Columbus. Hackman also graduated from The Ohio State University.

Founded in 1986, Hackman Capital Partners has conducted more than $2.6 billion in real estate investments nationwide and has sponsored nearly $1 billion in acquisitions in the past four years.

 

MORE ABOUT HACKMAN CAPITAL PARTNERS

Hackman Capital Partners is a privately-held, real-estate investment and operating company that focuses on commercial and industrial properties in urban infill markets. Founded in 1986, the company has invested more than $2.6 billion in properties across 41 states—having owned, through affiliated entities, over 400 buildings totaling 35-plus million square feet. In the past four years, the company has sponsored nearly $1 billion is acquisitions.

Hackman Capital Partners is headquartered in Los Angeles, California and has additional offices in Chicago, Illinois and Columbus, Ohio. With its related entities, it employs a staff of more than 60 professionals.

The company’s most notable California projects include The Culver Studios, a 14.3-acre film and television studio campus and home of Amazon Studios, The Culver Steps, a 1.16-acre, mixed-use development, directly adjacent to The Culver Studios and also home to Amazon Studios, a 75,000-square-foot creative office conversion at 5500 West Jefferson Boulevard in Los Angeles, a 550,000-square-foot creative campus conversion in El Segundo, the Beats/Apple Southern California headquarters, and Westwood One Studios. In addition, the company just signed a definitive agreement to purchase, through an affiliated entity, the iconic CBS Television City® property and sound-stage operations in Los Angeles, California, approximately 780,000 square feet of stage, office, broadcasting and support space on a contiguous 25-acre campus.