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Pizzuti, PCCP's New 800,000-SF Spec Distribution Center Breaks Ground in Columbus

Rickenbacker West I to Deliver Next Summer Within Rickenbacker Global Logistics Park
November 8, 2017
Construction on Rickenbacker West I, a new 802,390-square-foot, speculative industrial development located in the top industrial submarket in Columbus, OH, is now underway.

Columbus-based The Pizzuti Cos., backed by Los Angeles-based real estate finance and investment management firm PCCP, LCC, is developing the expandable distribution center within the Rickenbacker Global Logistics Park, a master-planned, 1,576-acre logistics park where Pizzuti has developed more than 10 million square feet of industrial space to date.

Slated to deliver in summer 2018, Rickenbacker West I will feature a cross-dock configuration with 36-foot clear heights. It is being developed on 50 acres just north of cargo-dedicated Rickenbacker International Airport in the Southeast submarket, home to such institutional owners as Duke Realty, JP Morgan, Northpointe, VanTrust, DCT Industrial, Blackstone, Exeter and Exxcel.

Rob Stofer, vice president with PCCP, noted the Columbus market's strong leasing activity and shortage of new bulk industrial product as reasons for the investment. The development, situated within the Creekside Industrial Center, will provide end users connectivity to interstates 71, 70 and 670, as well as access to 60% of the U.S. population within a one-day drive.

Leasing at Rickenbacker West I, which is divisible down to 400,000 square feet, is being handled in-house by Phil Rasey of Pizzuti.

The project is the second major development to break ground within the Rickenbacker Global Logistics Park in the last two weeks. Late last month, the Columbus office of Duke Realty Corp. (NYSE: DRE) started construction on a 673,920-square-foot industrial warehouse dubbed RGLP Rail 1661. That project, which is also being developed on a speculative basis, is slated to deliver in December.
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