Stonemont Financial Group, a private real estate investment firm specializing in industrial development, acquisitions and net lease investments, announced today that it closed on a 1,090,000-square-foot spec industrial facility in West Jefferson, Ohio, approximately 20 minutes from Columbus. Stonemont is co-developing the project with The Pizzuti Companies and acquired the development upon its completion.
Named West Jeff One, the Class-A facility will sit directly off of I-70 in the West Jefferson submarket. It will be the only available building above 1 million square feet in the area, and the only development of its kind to deliver within the next few months. West Jeff One will feature 209 car parking spaces, 110 trailer parking spaces and clear heights of 40 feet, presenting an attractive and modern facility for a variety of e-commerce and logistics users that have gravitated to the region over the last few years.
“The Columbus market is full of untapped potential, as evidenced by record-breaking industrial activity in 2021” said Stonemont CEO and Managing Principal Zack Markwell. “We have been especially thoughtful and particular about the placement and layout of this facility to enhance the product offerings in the area for key users. Pizzuti has been an invaluable partner throughout the process, and we anticipate rapid lease-up of West Jeff One.”
This project will mark Stonemont’s first initiative in the greater Columbus region and plays off of the immense growth happening across the local industrial market over the last two years. The vacancy rate in Columbus sits at 1.8% as of Q2 2022, well below the national average of 4.1%. Columbus had a record-breaking 14.7 million square feet of positive net absorption in 2021.
“We have a long history in the Columbus industrial market,” said President and CEO of The Pizzuti Companies, Joel S. Pizzuti. “Over the last two years we have seen exceptional demand and record development; we believe the future is bright for central Ohio. Working together with Stonemont to develop this property has been a rewarding process for both organizations. We look forward to future growth in the West Jefferson submarket.”
User demand is expected to increase as major users, including FedEx and Amazon, continue to seek out industrial land space in the market. The development is approximately 40 minutes away from Rickenbacker International Airport and the Norfolk Southern Intermodal Terminal. In addition to this project, Stonemont is also pursuing four additional developments across the greater Columbus area.
“Columbus will become a top focus for us over the next few years, and we look forward to extending our footprint even further throughout the market as Central Ohio’s economic and industrial growth story continues to play out,” said Markwell.