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Active Industrial

Meridian Logistics Center

Columbus, OH

Asset Type Industrial
Location Columbus, OH
Year Acquired 2021
Square Footage 425,000 SF
Occupancy Rate 100%
Current Value $142M
Property Overview

A 425,000-square-foot Class A distribution facility positioned at the intersection of two major interstate corridors, fully leased to investment-grade tenants under long-term triple-net structures.

Investment Thesis

Acquired below replacement cost in a supply-constrained logistics submarket benefiting from sustained e-commerce demand and regional distribution consolidation.

Strategy

Institutional-quality asset management with staggered lease rollover, mark-to-market rent capture, and selective capital improvements to sustain Class A positioning.

Market Overview

The Columbus industrial market has posted sub-4% vacancy for five consecutive years, driven by its one-day truck reach to nearly half of the U.S. population.

Value Creation Plan

LED retrofit and trailer-parking expansion completed in 2022; ESFR sprinkler upgrade scheduled ahead of the 2027 lease maturities.

Financial Highlights
$118M Acquisition Value
$142M Current Valuation
$9.2M NOI
6.5% Cap Rate
17.8% IRR
1.6x Equity Multiple
Investment Timeline
  1. Q2 2021

    Acquisition

    Off-market acquisition at $278/SF, below replacement cost.

  2. Q4 2022

    Capital Program

    Completed LED retrofit and trailer-parking expansion.

  3. Q1 2024

    Lease Extension

    Extended anchor tenant through 2032 at 18% rent mark-to-market.