800-830 DISTRIBUTION DRIVE SELLS TO LOCAL COLUMBUS, OH INVESTOR - Alterra Real Estate Advisors LLC

800-830 DISTRIBUTION DRIVE SELLS TO LOCAL COLUMBUS, OH INVESTOR
Brad Kitchen, President of Alterra Real Estate Advisors, purchased a 60,000 SF industrial building known as 800-830 Distribution Drive in Columbus, Ohio.  The property sits on 4 acres and is located on the west side of Columbus off of Fisher Road.  The property is currently 100% occupied by companies including Ameripride Linen & Uniform Services, Helena Chemical, Marne Plastics (a Honda supplier), and Turn-Key Industrial Construction.  Kitchen closed on the property on February 15, 2017 for $1,350,000 ($22.50 PSF).  Kitchen, who also owns 711 Distribution Drive, adjacent to this property, cited the low vacancy rate in the Columbus warehouse market as the key factor in his interest in the purchase.  Alterra Real Estate Advisors will lease and manage the property.

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