Strategic Acquisition and Redevelopment of Industrial Property
Strategic Acquisition of Hilliard Commerce Center
Industrial Realty Group, LLC (IRG), one of the leading names in commercial and industrial property management, has formed a partnership with Provider Real Estate Partners (PREP) and DW Real Estate Partners, LLC to acquire a significant industrial property. This acquisition includes the Hilliard Commerce Center, which encompasses over 177,680 square feet of space situated on an expansive 18.6-acre lot. The property represents a vital asset in today’s competitive market, making it an exciting project for the future.
Enhancing Community and Economic Growth
Peter Goffstein, Executive Vice President at IRG, expressed enthusiasm about the property’s potential, stating, "This facility ticks all the boxes, offering a strategic location and robust market dynamics." The team sees an excellent opportunity to enhance the property amid a region with low vacancy rates and a tight supply of commercial space. By investing in this redevelopment, they aim to provide additional job opportunities and stimulate economic progress within the community.
Location Benefits and Future Plans
The Hilliard Commerce Center boasts proximity to major transportation routes, less than a mile away from I-270 and just 20 minutes from downtown. This situates the property advantageously within a key industrial corridor. Chris Salata, Partner at PREP, elaborated on their vision: "We're thrilled to revitalize this property, focusing on necessary upgrades and making improvements to the existing structures." The modernization efforts will target inefficient spaces, making way for tailored logistics and light manufacturing solutions.
Attracting Diverse Tenants
Hilliard Commerce Center offers diverse outdoor storage and parking opportunities along with favorable M-1 zoning. This configuration positions the site as a strong contender for attracting logistics, light manufacturing, and service-oriented businesses. These characteristics are appealing to businesses seeking a reliable location with accessible resources and a talented labor pool.
Leasing Information
For those interested in learning more about leasing opportunities at Hilliard Commerce Center, reach out to Nick Tomasone, Senior Vice President at CBRE, who can provide valuable insights and facilitate connections to prospective tenants.
About the Firms Involved
About Industrial Realty Group (IRG)
IRG is recognized nationwide as a premier real estate development and investment firm that focuses on various commercial and industrial properties throughout the United States. With a portfolio spanning over 150 properties across 31 states, IRG is committed to adaptive reuse strategies, addressing some of America’s notable real estate challenges.
About Provider Real Estate Partners (PREP)
Founded in 2020, PREP centers its operations on strategic acquisition and development needs within sectors like healthcare and industrial spaces. Their innovative approach positions them as a prominent player in the commercial real estate investment space, committed to enhancing property functionality.
About DW Real Estate Partners (DWREP)
As a privately held investment firm, DWREP is focused on making significant value-enhancing investments across the United States. Their expertise has led to successfully completed transactions with a combined value exceeding $1.5 billion, highlighting their commitment to delivering impressive returns on investment while navigating the complexities of the real estate landscape.
Frequently Asked Questions
What is the Hilliard Commerce Center?
The Hilliard Commerce Center is a 177,680 square-foot industrial property acquired by Industrial Realty Group, alongside Provider Real Estate Partners and DW Real Estate Partners, designed for redevelopment to enhance its value and functionality.
Why is this acquisition considered strategic?
This acquisition allows for significant investment and improvement of the property, positioned in a location with low vacancy rates and high demand for industrial space, supporting both community and economic growth.
What types of businesses are targeted for the Hilliard Commerce Center?
The property is geared towards logistics, light manufacturing, and service-oriented businesses, given its favorable zoning and available amenities.
Who can I contact for leasing opportunities at the Hilliard Commerce Center?
Prospective tenants can contact Nick Tomasone, Senior Vice President at CBRE, for details on leasing opportunities.
What is IRG’s focus in real estate?
IRG focuses on the acquisition, development, and management of commercial and industrial properties, aiming to leverage adaptive reuse strategies to transform and reinvigorate challenging real estate environments.
About The Author
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