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Stonecrop Takes 527,000-SF Distribution Bldg. in Grove City

Landlord Opens Regional Office in Columbus to Increase Visibility and Responsiveness
March 7, 2018
Stonecrop Technologies, a wireless systems deployment company founded in 2001 and headquartered in Petaluma, CA, signed a three-year industrial lease to occupy the single-story, 527,127-square-foot distribution center at 3500 Southwest Blvd. in Grove City, OH.

The single-tenant, Class B property comprises 45 loading docks, one drive-in bay and a 32-foot clear height. The fenced structure delivered in 1992 on more than 30 acres, which is roughly 10 miles from Columbus.

Plymouth Industrial REIT, a vertically integrated and self-managed real estate investment trust focused on the acquisition and operation of industrial properties, bought the industrial building in October 2014 for $20 million. The property was leased to Pier 1 Imports Distribution, a national home furnishings retailer, at the time of sale, according to CoStar’s analytics.

Plymouth will open a new regional office in Columbus that will be led by Benjamin Crock, regional property manager. He oversees more than three million square feet that Plymouth owns in Cincinnati, Cleveland and Indiana. Jeff Witherell, chairman and chief executive officer of Plymouth, said the move will help increase their visibility and responsiveness to customers.

Joe Kimener, senior associate, and Jeff Lyons, associate, of CBRE brokered the deal on behalf of the landlord.
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