Watkins Logistics Center
1675 Watkins Road, Columbus, OH, 43207, US
26,995 sm
Jones Lang LaSalle (“JLL”), as exclusive advisor to ownership, has been retained to market for sale the fee simple interest in the I-271 Commerce Center (the “Offering” or the “Property”), a 90,560 square foot shallow-bay industrial facility located at 600 Beta Drive in Mayfield Village, OH (Cleveland MSA). Positioned 3 blocks from a 4-way interchange on I-271 just over 20 miles from downtown Cleveland, this second generation, shallow-bay facility is 100% leased to two tenants with strong roots and locational ties, as anchor tenant Wireless Environment d.b.a Mr. Beams was founded in Cleveland in 2006. The Offering presents investors the opportunity to acquire highly functional industrial real estate with in-place cash-flow and near-term yield upside potential through a 15% mark-to-market opportunity with just 2.4 years of contractual WALT.
I-271 Commerce Center presents investors the opportunity to acquire functional, infill industrial product at an attractive/competitive basis below replacement cost. This shallow-bay facility features two ideal suite sizes for a variety of small and mid-size industrial users with ample loading, above-standard auto parking, and heavy power capacity for its size, allowing future ownership to compete with the limited surrounding industrial space in the submarket. Investors in the I-271 Commerce Center will acquire a functional, Class A (for its stock) industrial asset that is difficult to replicate, at an attractive basis with near-term yield upside in a high median income suburb ~87% above the average Cleveland MSA.