XEBEC ACQUIRES 106 ACRES ADJACENT TO RICKENBACKER INLAND PORT
Company to Develop a Five-Building Logistics Park Totaling 1.6 Million Square Feet With Next Day Access to 92 Million Consumers
Dallas and Columbus, Ohio (April 13, 2018) – Xebec™ announces the purchase of 106 acres southeast of Columbus, Ohio located nearby the Rickenbacker Inland Port, the largest cargo-dedicated airport in the world. Xebec plans to develop the Groveport Logistics Hub, a master planned campus to be comprised of five Class-A warehouse buildings ranging from 120,000 square feet to 1 million square feet constructed in multiple phases.
“The logistics cluster surrounding the Rickenbacker Airport is one of the most strategic regions in the world for modern logistics,” said Randy Kendrick, founder and CEO of Xebec. “With its vast consumer reach, this Southeast Columbus submarket is poised for continued growth and demand for high quality distribution and warehousing space with a special emphasis on the eCommerce space.”
The area surrounding Rickenbacker is home to a large concentration of warehouse and distribution space due to its logistical competitive advantages including direct access to global networks and freight hubs in Asia, Europe and the Middle East. Users also have access to coast-to-coast intermodal shipping options, and nearly half of the U.S. population and one-third of Canada’s population, within a one-day truck drive. According to airport authorities, there is significant room for development growth.
Xebec plans to invest roughly $90 million to develop Groveport Logistics Hub and is scheduled to break ground this summer on Phase 1. The company plans to build four speculative warehouses ranging from 120,000 square feet to 160,000 square feet. A “super pad” will be constructed and set aside for a 1 million-square-foot build-to-suit facility that will be expandable by approximately 190,000 square feet.
“Lease demand in the market has remained strong with less than 3 percent vacancy and all-time-high lease rates for modern bulk warehouse facilities on triple-net terms,” said Kendrick. “With the ability to plug into one of the most robust eCommerce supply chains in the world, we believe Columbus will remain a vital location for both logistics and fulfillment by national and global retailers.”
Groveport Logistics Hub borders industrial users to the east and Ohio State Route 317 to the south. It is approximately 2 miles from the Rickenbacker International Airport, 3 miles from the Interstate 270, and 5 miles from the Norfolk Southern Rickenbacker International Intermodal Terminal. The airport is presently served by 13 air freight, intermodal and general trucking partners, and 36 logistics providers. Intermodal connectivity is provided by Norfolk Southern, which serves both domestic and international ocean container customers, and CSX Columbus Intermodal, which features nearly 21,000 miles of rail track in eastern North America.
According to the Columbus Regional Airport Authority, the region benefits from a deep, and skilled labor pool. Columbus currently has approximately 70,000 skilled workers in logistics-related occupations, and the state has 62 colleges and universities nearby with 140,000 students, providing an excellent labor pool.
“We believe Groveport Logistics Hub is the next logical site in the path of development in the Rickenbacker logistics cluster,” said Kendrick. “This investment fits our national build-to-core strategy to develop highly functional product to meet specific, unique demands in each of our target markets across the United States.”
XebecTM is a privately held real estate investment platform that provides vertically integrated and full-service real estate acquisition, development, ownership, financing, leasing, property management and real estate investment management services. With over 30 years of industrial real estate development and investment operations, the company focuses on fulfillment, warehouse and distribution centers (bulk logistics), light industrial and infill/last-mile properties located primarily in U.S. coastal and inland logistics markets with major port and rail terminals, and trucking intermodal infrastructures. For more information, visit https://xebecrealty.com/.