XEBEC ACQUIRES OVER 400 ACRES OF INDUSTRIAL LAND IN COLUMBUS, OHIO
“We are excited to be a part of the next chapter for the former Buckeye Rail Yard,” said Alan Shaw, Executive Vice President and Chief Marketing Officer of Norfolk Southern. “The redevelopment of the property into a new warehousing complex will allow Norfolk Southern to maintain rail service to the facility, all while ensuring it remains a source of jobs for the region.”
Xebec intends to build eight Class A industrial facilities over two phases to help meet the demand for logistics space in the region. Phase I of the project is planned to deliver four Class A industrial buildings totaling approximately 1.92 million SF and is anticipated to begin in Q2 2022
“In the Columbus market, specifically the West Columbus submarket, infill sites of this size are extremely uncommon because of a lack of available land,” said Jake Spring, Xebec’s vice president of acquisitions. “We’re excited about the opportunity to build Class A industrial space in a submarket that has not seen any new construction deliveries since 2019.”
“We are attracted to this region because of its excellent access to transportation, establishing itself as a center for both national rail and worldwide air logistics,” added Randy Kendrick, President and CEO of Xebec. “The impact of the COVID-19 pandemic on retail distribution has further catalyzed an already strong growth story for industrial real estate as eCommerce occupiers continue to expand their existing footprint. The Columbus site provides “last touch” infill and last-mile access to meet this growing demand.”
Financial terms of the transaction were not disclosed.
Xebec 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.
About Norfolk Southern
Norfolk Southern Corporation (NYSE: NSC) is one of the nation’s premier transportation companies. Its Norfolk Southern Railway Company subsidiary operates approximately 19,300 route miles in 22 states and the District of Columbia, serves every major container port in the eastern United States, and provides efficient connections to other rail carriers. Norfolk Southern is a major transporter of industrial products, including agriculture, forest and consumer products, chemicals, and metals and construction materials. In addition, the railroad operates the most extensive intermodal network in the East and is a principal carrier of coal, automobiles, and automotive parts.