McGaw acquisition
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Founders Properties announces an expansion of its national industrial warehouse portfolio with the acquisition of 2300 McGaw Road in Columbus, Ohio.

Minnetonka-based Founders Properties acquired the industrial warehouse in a joint venture partnership bringing the firm’s total managed industrial real estate holdings in the Columbus market to five buildings with 2.1 million square feet.

The McGaw warehouse is approximately 212,000 square feet and sits on a 14.7-acre site, which includes 3.5 acres of excess land with expansion and storage opportunities. The property is located along McGaw Road in Columbus, Ohio along Interstate 270.
The McGaw investment represents a unique opportunity to purchase a warehouse industrial asset in a highly-desirable and strategic Midwest location with nearly 60% of North America within a 500-mile radius. The cargo-dedicated Rickenbacker International Airport is four miles away with U.S. Customs onsite.

“Founders Properties is excited about the potential for this acquisition, the building’s size and expansion capabilities provide great options for either a single or multi-tenant facility,” said Chris Courneya, senior vice president of investments and acquisitions at Founders Properties. ”The Columbus industrial market continues to exhibit solid fundamentals and this acquisition is complementary to our existing investments in the market.”

Costar’s latest national industrial report shows the national vacancy rate at an all-time low of 4% and is expected to fall further in the coming months, following years of increased demand.