Aireit LLC Acquires Two Industrial Warehouses In Obetz, Ohio For $54.4M From Pizzuti Cos

The transaction involved the sale of two industrial properties located at 2315 & 2500 Creekside Parkway in Obetz, OH. The sale price for the total transaction was $54,400,000. The properties encompass an area of 25 acres, with a combined square footage of 507,528. The properties were sold at a price per square foot of $107.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $54,400,000
• Buyer: Aireit LLC (Ares Management)
• Seller: Pizzuti Cos.
• Market: Obetz, OH
• Acres: 25
• Square Footage: 507,528
• Price per Square Foot: $107

Aireit LLC, a subsidiary of Ares Management, acquired the warehouses for $27.7 million and $26.7 million, marking their first industrial acquisition in the Columbus market. The properties were previously sold in 2015 for $13.7 million and $14.2 million, highlighting a significant appreciation in value since the last transaction.