A global construction manufacturer is the new owner of a former textile plant in Columbus, Georgia.
In February 2023, real estate investment trust W.P. Carey sold the 276,590-square-foot warehouse at 16 Corporate Ridge Parkway in east Columbus. The buyer, Beachwood, Ohio-based Tremco, paid $8 million, or $28.92 per square foot, for the plant. The deal has earned a 2024 CoStar Impact Award for sale/acquisition of the year in Columbus, as judged by real estate professionals familiar with the western Georgia market.
Tremco is a global construction materials company, with specialties in roofing materials, construction sealants, glazing and gaskets, as well as waterproofing.
The industrial building at 16 Corporate Ridge Parkway was built in 1997 and sold in 2014 to a real estate investment trust via a 20-year leaseback. A competitor acquired the REIT in 2018, then ceased operations and closed the plant in mid-2020 during the height of the pandemic.
NAI G2 Commercial began marketing the facility for sublease in late 2020, landing Tremco as a tenant in December 2022. The transaction included a tenant purchase option, which was exercised in February 2023.
The new owner plans to ramp up production at the Columbus warehouse and generate 300 jobs in the market.
About the Deal: Tremco bought the warehouse at 16 Corporate Ridge Parkway in Columbus, Georgia, for $8 million from W.P. Carey. The deal price for the 276,590-square-foot building equates to $28.92 per square foot. The warehouse was built in 1997 and is located in east Columbus.
What the Judges Said: "This property is the largest warehouse in the Columbus MSA at almost 300,000 square feet. It has the ability to be a major impact on both the workforce and economy by bringing new industry to the area," said Shaun Roberts, commercial advisor at NAI G2 Commercial.
They Made It Happen: David Johnson and Jack Hayes of NAI G2 Commercial facilitated the transaction.