Castings Commerce Park: Real Estate Investment Offering On CrowdStreet

Real estate investment platform CrowdStreet launched an offering for an industrial development in Columbus, Ohio.

Castings Commerce Park is a ground-up Class A industrial development in the Columbus national logistics hub. The development will consist of three industrial buildings totaling 862,431 square feet on 70.4 acres. The location was chosen for its exceptional access to 60% of the U.S. and Canadian populations within a one-day drive. 

The buildings are strategically designed to be flexible and accommodate both single and multiple users, which are underserved in the submarket. The Columbus Downtown South submarket has an industrial space vacancy rate of 3.3%. The 12-month rent-growth rate is 15%, and the industrial space-rental rate has seen an astounding 99.5% increase over the course of the last 10 years. The Columbus area is a highly sought-after market for institutional investors and corporate expansion by enterprise giants. Columbus, a premier hub for logistics and distribution, is home to five Fortune 500 companies and 16 Fortune 1000 companies.

Construction began in January and is expected to be completed in 11 months. Upon completion, project sponsor Stonemont Financial Group will lease the buildings and expects project stabilization within 18 months. Building 1 will be 599,149 square feet with a 40-foot clearance height and 163 trailer parking stalls. Building 2 will be a 148,801-square-foot rear-loading facility, with 36-foot clear-height ceilings and 38 trailer parking stalls. Building 3 will be a 114,481-square-foot rear-loading facility with 32-foot clear-height ceilings and 36 trailer parking stalls. 

The city of Columbus has granted the project a 15-year, 100% tax abatement, the only industrial development within the Interstate 270 loop to receive the abatement. The project also has been granted a sales tax exemption on construction materials, a discount valued at approximately $1.7 million.

Project developer Stonemont Financial Group was founded on a simple strategy: to combine the experience and resources of a large institution with the creativity and flexibility of an entrepreneurial firm. The private real estate firm has $4.9 billion in assets under management, has developed 16.1 million square feet across 43 facilities, acquired 9.8 million square feet of industrial and office products across 70 facilities, acquired 82 industrial service facilities totaling 45.3 million square feet of land and has 19.6 million square feet in 66 facilities under construction.

Castings Commerce Park is Stonemont’s third industrial development in the Columbus metro area and the fourth offering conducted through CrowdStreet.

Investment in Castings Commerce Park is open for prospective investors beginning Feb. 2, and the minimum investment is $25,000.

View details on CrowdStreet’s offerings