Avistone, LLC has acquired Citygate Commerce Center located in Columbus, Ohio. The 154,438 SF multi-tenant flex industrial project is located in the East Industrial sub-market on 11.69 acres of land. Built in 1998, the project consists of two (2) buildings and is currently 92% leased with 14 tenants.
The company negotiated an acquisition price approximately 65% below replacement value, with a strong projected IRR over a 3 to 5 year holding period.
The Columbus Industrial/Flex market experienced record growth in 2015 and 2016, continuing a positive trend in this sector. The current vacancy rate is 5.5%, which is an all-time low vacancy for Columbus and has consistently trended downward since the global recession. Citygate Commerce Center is located in the East Industrial sub-market, which totals over 20,000,000 square feet and boasts a vacancy of 3.2%. The newer construction, strategic location to the Columbus International airport and lack of competition position the property to continue its strong demand.
“We are very excited to acquire our sixth property in the Columbus, Ohio area. Based on the success of our other five properties and the strength of the market, we are optimistic that Citygate Commerce Center will be a potentially great investment,” said Richard Kent, President of Avistone. “Citygate Commerce Center aligns perfectly with Avistone’s goals to make monthly cash distributions and deliver an 8% preferred return to our investors. We are continuing to acquire properties similar to Citygate in order to provide yield, return, and mitigated risk to our investors.”
Avistone is a premier real estate firm specializing in multi-tenant flex industrial properties. The company is currently acquiring and managing quality multi-tenant properties throughout the US from $5 million to $25 million. To learn more about Avistone and how you can benefit from it investments, please contact us at [email protected]