CRG Announces The Cubes at Rickenbacker in Columbus, Ohio
The firm launches 320,000 SF development in the high-demand Rickenbacker submarket
COLUMBUS, OH – CRG, a national real estate development and investment firm, is developing the Cubes at Rickenbacker, a 320,000-square-foot speculative distribution warehouse in Columbus, Ohio for an affiliate of Lexington Realty Trust. The project will be located 1.4 miles from the Interstate 270 Jack Nicklaus Freeway on Rohr Road in the Rickenbacker submarket.
Contegra Construction Co. broke ground on the site on May 1 with an expected completion slated for the fourth quarter of 2020. The planned development is approved, fully entitled and zoned for industrial.
“Columbus is one of the fastest growing industrial markets in the country,” said Scott Caplan, Senior Vice President, Partner and Ohio Valley lead for CRG. “We’ve got one of the strongest labor forces available and with amenities like our 15-year tax abatement, you’re going to quickly catch the eye of major tenants. We expect extremely high demand for this location.”
Located on a 24-acre site, the Cubes at Rickenbacker offers industrial users a natural hub for distribution along I-70 and I-71 in Obetz, Ohio. The development is 4.3 miles away from Rickenbacker International Airport, Columbus’s primary cargo airport, and 16 miles from Columbus International Airport.
The Cubes at Rickenbacker is CRG’s second industrial project in the Columbus market, following the successful delivery of the 1.2 million Kohl’s distribution facility at The Cubes at Etna 70. The Cubes is CRG’s industrial brand with a focus on state-of-the-are distribution facilities in key logistics markets throughout North America.
“The demand has surged for the next generation of distribution and logistics facilities, and today’s industrial user is trying to stay ahead of that demand,” said Shawn Clark, President of CRG. “That’s what the Cubes at Rickenbacker represents. It’s the blend of a strategic location with a state-of-the-art facility to help today’s user keep pace with the market.”
The project will be constructed of tilt-up concrete panels and feature 32 dock doors (expandable to 48), half of which will be fully equipped with dock levelers. It will include 36-foot clear height ceilings, an ample trailer lot, two drive-in doors and parking for 132 vehicles. The building entrance will be highlighted by aluminum composite material panels that form a brow accent.
CRG will serve as the developer for the site, which was acquired in December and is being developed for Lexington Realty Trust, a leading U.S. REIT focused on net-leased industrial properties. CBRE’s Jeff Lyons and Joseph Kimener will serve as leasing agents for the site.
CRG is focused on the development of high-quality real estate assets throughout North America and primarily invests in three types of real estate: industrial warehouses in key logistics corridors, mixed-used and multifamily in emerging urban neighborhoods, and build-to-suit corporate headquarters.
CRG is a privately held real estate development firm that has developed more than 8,500 acres of land and delivered over 197 million square feet of commercial, industrial, institutional and multifamily assets exceeding $12 billion in value. CRG, headquartered in St. Louis, leverages a powerful North American platform with local market expertise and offices in Atlanta, Chicago, Columbus, Southern California and Philadelphia. CRG’s philosophy of developing for the future and anticipating the enhanced needs of next generation users led to the creation of its industrial brand, The Cubes, and its multifamily brand, Chapter. For more information, visit CRG’s website at www.realcrg.com.
About The Cubes
The Cubes is a North American industrial brand owned and developed by CRG. The Cubes represents CRG’s philosophy of developing for the future and anticipating the enhanced needs of tomorrow’s modern industrial user. The Cubes are designed with an emphasis on sustainability, and implement state-of-the-art specifications, including maximum clear heights, dock doors and trailer storage to keep pace with the shift to consumer-centric logistic strategies. The Cubes are located on strategic sites that take into consideration both logistics and labor supply, always with the end user in mind.