Colliers closes sale of a two-tenant Ohio industrial box to Minneapolis REIT

Colliers has brokered the sale of 2039 Pittsburgh Drive, a 257,120-square-foot industrial distribution building in Delaware, Ohio, from The Camber Company to SR Realty Trust, the Minneapolis-based diversified private REIT, at a price the coverage omits. The seller delivered the property in 2024 and exited it two years later, with Colliers Industrial Capital Markets advisors Alex Cantu, Alex Davenport, Jeff Devine, Steve Disse and Tyler Ziebel running the process. What SR Realty Trust is buying is a rent roll with two names on it.

The building is the modern-spec template—19.88 acres about 13 miles north of I-270 in the Columbus MSA, 32-foot clear heights, 24 dock doors, two drive-in doors, 50-by-52-foot column spacing, heavy power capacity and 179 surface parking spaces—and it is fully occupied by two established global manufacturers, Luvata and Vertiv. Davenport's pitch is that Delaware sits north of Columbus with access to the region's transportation network while remaining inside the growing northern portion of the metro, and that demand is still concentrated in modern, fully occupied industrial assets in growth markets with tenants likely to stay.

There is no lease-up to underwrite and no renovation story in a two-year-old building, so the return rests on Luvata's and Vertiv's plants—their capital plans, their expirations, their appetite for staying in central Ohio—rather than on the direction of Columbus logistics rents. Two tenants in 257,120 square feet also means a single decision can move the whole rent roll. MLG Capital bought the other way in September, taking a 29-building, 1.53 million-square-foot Indianapolis industrial portfolio that is 94% leased on 158 small leases, which trades 15-foot clear heights and a heavier management load for a rent roll that never comes due all at once.

Both trades clear because supply is doing the work. As this publication has argued, the property recovery is running on a drop in construction across industrial, office and apartment markets, handing leverage to owners of existing, well-leased stock—the same squeeze behind the double-digit revenue growth the largest brokerages have been posting. Colliers keeps surfacing on the industrial side of it, taking the leasing mandate on nearly 4 million square feet at NorthPoint's Sacramento park in August. Camber's exit from a 2024 delivery is a merchant builder monetizing into that window, which is the version of the trade a developer wants: sell the finished box, keep the next one. The coverage leaves out when the Luvata and Vertiv leases expire, and two-tenant industrial underwriting leans on the credit first—those dates are where this price was set.