B+E, a tech-driven brokerage and trading platform for net lease real estate, announced the sale of the Wesco distribution center, located at 2256 Citygate Drive in Columbus, Ohio, for $3,350,000.
The +/- 33,197 square foot, triple net lease industrial/ office property was built in 2000 and renovated in 2007 and carries a cap rate of 7.93 percent, with four plus years of remaining lease term. The buyer is Third Coast, a 1031 exchanger from Grand Rapids, Mich. The seller is a private individual.
Wesco International Inc. is a Fortune 500 distributor of electrical products with more than $7 billion in revenue. Wesco will continue to occupy the property.
“We were happy to source a 1031 exchange buyer for the sale of this property,” said Daniel Zimmerman, director at B+E. Property was offered exclusively by B+E in conjunction with Michael Polk of Polk Properties.