COMMERCIAL POINT — Ground has been broken on more than one million square-feet of warehouse space near Commercial Point.
Commercial real estate developer VanTrust Real Estate is developing the property located at the intersection of state Route 104 and state Route 762. The project will be the first building built on the 178 acres the developer acquired earlier this year.
The warehouse is the largest speculative warehouse in the area of Rickenbacker Airport a few miles across state Route 762. The Park will be known as Rickenbacker Exchange at Commercial Point and will have more than 900 acres of shovel-ready logistics and manufacturing ground.
“We’re excited to further expand in the Rickenbacker area as we continue to see a strong demand for distribution centers in Central Ohio,” Andy Weeks, executive vice president in VanTrust’s Columbus office, said. “The one million square-foot building will be especially attractive to companies driven by e-commerce that do a large volume of online business. We anticipate that this development at Commercial Point will bring hundreds of job opportunities to the region.”
Jack Tzagournis of Fortress Real Estate Companies worked with K-Nova LLC during the successful entitlement process and sale of the site to VanTrust.
“We have seen tremendous interest in the balance of the land and believe this will be a very successful industrial park for years to come,” Tzagournis said.
Allan Goldhardt, mayor of Commercial Point, expressed his excitement for the project.
“Here in Commercial Point, we are looking forward to working with all of the parties involved to help bring this development to northern Pickaway County,” Goldhardt said. “We currently have more than 600 homes slated to be built within one mile of the industrial park, thus providing an excellent workforce for the development. The Village is also in the process of building new utility plants to provide the proper infrastructure needed for a development of this size. We couldn’t be more pleased to have the opportunity to have a development of this caliber in our Village.”
Ryan Scribner, economic development director for Pickaway Progress Partnership, Pickaway County’s economic development entity said this project comes after 10 years of planning and development both to the east and on the actual site.
“That project is at the tail end of over a decade of planning on the part of the private land owners, the new owners who purchased it from the family in cooperation from Commercial Point to get that site ready for new types of development,” Scribner said. “There is tremendous demand for logistics and manufacturing space in the market. We’ve done a lot of that to the east of there but there are people looking for a place to build this type of product and they’ve presented a great option there in Commercial Point. VanTrust is taking advantage of that and are investing significantly in that site.”
Scribner noted the change in people’s buying patterns, habits, and the growth of e-commerce demands the type of space that’s being built.
“You’ll see more of this in the future,” he added. “The site sets up nicely for other advanced manufacturing as well, including very attractive projects that are job creators. At P3 we don’t control the sites, we don’t control the market but when there is interest and Commercial Point has done things to make that ready we’re there to help them realize that potential.”