New Class A warehouse will be the largest of its size in the area and caters to a growing base of e-commerce, logistics users
Stonemont Financial Group, a private real estate investment firm specializing in industrial development, acquisitions and net lease investments, announced today that it closed on a 1,090,000-square-foot spec industrial facility in West Jefferson, Ohio, approximately 20 minutes from Columbus. Stonemont is co-developing the project with Pizzuti, and will acquire the development upon its expected completion in July 2022.
Named West Jeff One, the Class A facility will sit directly off of I-70 in the West Jefferson Village submarket. It will be the only available building above 1 million square feet in the area, and the only development to deliver in the next year. West Jeff One will feature 209 car parking spaces, 110 trailer parking spaces and clear heights of up to 40 inches, presenting an attractive and modern facility for a variety of e-commerce and logistics users that have gravitated to the region over the last few years.
“The Columbus market is full of untapped potential, as evidenced by record-breaking industrial activity in 2021” said Stonemont CEO and Managing Principal Zack Markwell. “We have been especially thoughtful and particular about the placement and layout of this facility to enhance the product offerings in the area for key users. Pizzuti has been an invaluable partner throughout the process, and we anticipate rapid lease-up of West Jeff One well before the end of construction.”
This project will mark Stonemont’s first initiative in the greater Columbus region and plays off of the immense growth happening across the local industrial market over the last two years. The vacancy rate in Columbus sits at 1.3% as of Q1 2022, well below the national average of 4.1%. Columbus had a record-breaking 15.7 million square feet of positive net absorption in Q4 2021.
User demand is expected to increase closer to completion of West Jeff One especially as major users, including FedEx and Amazon, continue to seek out industrial land space in the market. The development is approximately 40 minutes away from Rickenbacker International Airport and the Norfolk Southern Intermodal Terminal. In addition to this project, Stonemont is also pursuing four additional developments across the greater Columbus area.
“Columbus will become a top focus for us over the next few years, and we look forward to extending our footprint even further throughout the market as Central Ohio’s economic and industrial growth story continues to play out,” said Markwell.
For more information on Stonemont and its initiatives, click here.
About Stonemont Financial Group
Stonemont Financial Group specializes in investing across a broad spectrum of real estate asset classes and geographies to deliver attractive risk-adjusted returns. Stonemont offers diversified and differentiated real estate investment strategies and vehicles to institutions, family offices, trusts and high net-worth individuals. The firm’s founders and managing principals have a combined track record of more than 60 years’ experience and $20 billion invested.
