Dune Investment Group, LLC (“Dune”), as exclusive advisor to Owner, has been retained to market for sale the fee-simple interest in Airport Commerce Park (the “Property”), a 36,825 square foot multi-tenant small bay office/warehouse park located adjacent to Port Columbus International Airport.
The Property is 100% leased to a variety of local, regional and national credit tenants including the anchor, IES Communications, whom is publicly traded with a $3.21 Billion Market Cap. Most leases have personal guarantees for added security and the majority of leases have no renewal options allowing an investor to take advantage of flex/industrial rents which are forecasted to rise substantially in the coming years.
The Property features a flexible layout with the ability of tenants to grow or downsize within the confines of the Property. The Property has enjoyed extremely stable occupancy history with one-third of the existing tenants having occupied for more than 10 years.
The Property has been substantially improved over the previous 2 years with a number of capital expenditures including new roofs and gutters systems on all buildings, new asphalt parking lot, new fully-automated security gate, and a significant amount of improvements to unit interior’s. Improvement Details can be found below:=
New Parking Lot - Complete mill and overlay (2023)
New roofs and gutter systems on all 3 buildings (2024)
New LED common area lights (2022)
New fully-automated security gate (2023)
Numerous electrical and HVAC upgrades (2022-2024)
Numerous tenant improvements / build-out / overhead door replacements (2022-2024)
Annexed into City of Columbus (2024)