IRG, PREP, and DWREP Join Forces for Major Site Redevelopment
Investment in Future Growth
In an exciting development, Industrial Realty Group, LLC (IRG), along with Provider Real Estate Partners (PREP) and DW Real Estate Partners, LLC (DWREP), have embarked on a significant project to redevelop an industrial property in Ohio. The trio has successfully acquired the Hilliard Commerce Center, a sprawling 177,680 square-foot facility that sits on an 18.6-acre site.
Strategic Location and Market Potential
"This property checks every box; it is an excellent facility with strategic location and strong market dynamics," expressed Peter Goffstein, Executive Vice President at IRG. His insights capture the vital importance of the property’s position and the prevailing low vacancy rates in the market. With limited new supply anticipated, this opportunity stands to enhance the community while driving economic growth.
Paving the Way for Improvements
Located close to major transportation routes, including I-270, the site boasts accessibility that is crucial for businesses operating in the area. Its prime location within a vibrant industrial corridor significantly enhances its appeal to prospective tenants.
Revitalization Plans
Chris Salata, Partner at PREP, commented on the long-standing potential of the Hilliard Commerce Center, noting, "We plan to improve the property with exterior upgrades, repairs to the existing structure, and demolition of inefficient space." Such enhancements are expected to breathe new life into the property, making it more functional and inviting for industrial operations.
Site Optimization and Future Prospects
The Hilliard Commerce Center is endowed with outdoor storage and parking features, making it an attractive prospect for tenants involved in logistics, light manufacturing, and service-oriented businesses. Its favorable M-1 zoning and proximity to a robust labor pool serve as additional incentives for potential lessees.
Opportunities for Leasing
Those interested in leasing opportunities at the Hilliard Commerce Center can reach out to Nick Tomasone, Senior Vice President at CBRE, who can be contacted at (614) 430-5087. The potential for growth and development at this site aligns perfectly with the community's needs.
The Vision Behind the Partnership
IRG is renowned as a leading entity in the real estate market, specializing in the acquisition, development, and management of commercial properties across the U.S. With a portfolio exceeding 150 properties in 31 states, their commitment to revitalizing industrial real estate is evident in their ambitious initiatives.
Expanding Horizons with PREP
Provider Real Estate Partners is recognized for its focused investment strategies across varied sectors, including industrial and retail. With the intention of elevating properties to meet modern standards, PREP aims to enhance functionality and bolster market value.
DWREP's Commitment to Excellence
As a firm dedicated to making impactful investments, DW Real Estate Partners specializes in identifying opportunities that promise exceptional returns. Their extensive experience in the industry positions them favorably as they contribute to the collaborative effort in redeveloping the Hilliard Commerce Center.
Contact Information
For media inquiries regarding the project, Lauren Crumrine, Vice President of Marketing at IRG, can be reached at 614-562-9252 or via email at lcrumrine@industrialrealtygroup.com.
Frequently Asked Questions
What are the plans for the Hilliard Commerce Center?
The plans include exterior upgrades, structural repairs, and the demolition of inefficient spaces to enhance the site's overall functionality.
What makes the location attractive?
The site is strategically located near major highways, providing easy access for logistics and industrial operations.
Who are the key partners in this project?
The key partners include Industrial Realty Group (IRG), Provider Real Estate Partners (PREP), and DW Real Estate Partners (DWREP).
How can businesses inquire about leasing opportunities?
Interested businesses can contact Nick Tomasone at CBRE for leasing opportunities and more information.
What is the significance of M-1 zoning for this property?
M-1 zoning allows for light manufacturing and related operations, making the property suitable for various industrial uses.
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