PCCP, LLC FORMS JOINT VENTURE WITH THE PIZZUTI COMPANIES FOR THE DEVELOPMENT OF A TWO-BUILDING, 539,094-SF INDUSTRIAL COMPLEX IN COLUMBUS, OH
New York, NY, September 17, 2019 – PCCP, LLC announced today it has formed a joint venture with The
Pizzuti Companies (Pizzuti) for the speculative development of a two‐building Class A industrial complex totaling 539,094 square feet (sf) on nearly 40 acres in Columbus, OH. Named Rickenbacker West II & III, the project will be situated adjacent to CreekSide Industrial Center, an international, multimodal logistics hub around Rickenbacker International Airport and the new Norfolk Southern intermodal terminal.
To date, Pizzuti has developed over 12 million square feet of industrial product within the Rickenbacker submarket. The privately held, Columbus‐based real estate developer, owner, and operator has developed more than 50 million sf of industrial, office, hospitality, retail and residential product throughout the Midwest and Southeast regions of the United States.
“This is PCCP’s second venture with Pizzuti,” said Rob Stofer, vice president with PCCP. “We look forward to delivering two new high-quality, modern industrial facilities to the supply-constrained southeast Columbus submarket.”
Rickenbacker II & III is fully entitled and construction has now commenced with completion anticipated by mid-2020. The 277,692-sf Rickenbacker II building will be situated on 16.91 acres and the 261,402-sf Rickenbacker III will be situated on 22.92 acres. Both facilities will feature 32’ clear heights, secure truck courts, ESFR sprinkler systems, LED warehouse lighting and ample car and trailer parking.
The greater Columbus industrial market totals more than 244 million sf and is in the midst of nine straight years of positive net absorption. The market continues to mature and attract institutional capital given its abundant workforce, low cost of labor, favorable real estate tax abatement programs and ability to access 60 percent of the U.S. population within a one‐day drive. The Rickenbacker II & III project is located within the southeast Columbus submarket, the region’s largest industrial submarket at 78 million square feet. Tenants such as Pepsi Co., Amazon, DHL, FedEx, UPS, Whirlpool, Continental Tire, Boars Head and PetSmart all have chosen to locate distribution facilities here, attesting to the strength and strategic benefits of Columbus as a whole and the Southeast submarket specifically.