Ambrose Breaks Ground on 1.067 Million-SF Logistics Building in Columbus Market, With Bank OZK Construction Loan

Ambrose Property Group, a vertically integrated real estate investment manager focused on modern industrial, logistics and e-commerce real estate, has broken ground on Building II of Columbus Logistics Park–West, a speculative logistics building of approximately 1,067,000 square feet in West Jefferson, Ohio, about 20 miles west of Downtown Columbus. Bank OZK is providing the construction loan, and Colliers is managing leasing and marketing for the property, the firm announced.

The building is the second of three planned in the 169-acre park. Fixturing is targeted for the summer of 2027, with substantial completion expected by the fall of 2027.

Building II Specifications at Columbus Logistics Park–West

Building II is located at 205 Park West Drive in West Jefferson and offers approximately 1,067,000 square feet of space for lease, including a 2,800-square-foot office area. The building is being developed on a speculative basis, meaning it is under construction without a signed tenant.

The property will feature:

• 40-foot clear height
• 8-inch unreinforced floor slab
• 110 docks
• Two 4,000-amp panel services
• Auto and trailer parking
• Minimum divisibility of 531,000 square feet

The project is targeting LEED Silver certification. ARCO is the general contractor, and ATA Architects is providing design services.

Ambrose, Bank OZK and Colliers Form Project Team

Ambrose has partnered with Bank OZK on the construction loan. The Columbus-based Colliers International team is managing leasing and marketing for the building.

"Strong population and economic growth continue to support Columbus' industrial market, while available options for large-scale bulk space remain limited," said Stephen Lindley, Senior Vice President of Investments at Ambrose. "At more than one million square feet, Building II will help fill an important gap in the market for occupiers seeking modern industrial space at scale."

Park Location, Connectivity and Building I

Columbus Logistics Park–West offers immediate access to I-70 via Route 40, providing connectivity to nearby intermodal logistics terminals and to Rickenbacker International Airport, a cargo-dedicated hub with connections to Europe, the Middle East and Asia. Approximately 46% of the U.S. population can be reached within a ten-hour drive of the property, according to Ambrose.

Building I, a 715,000-square-foot facility completed in 2022, is fully leased to GXO and FST Logistics. Building III is planned as a future build-to-suit opportunity.

Columbus Industrial Market Context

Columbus industrial fundamentals have strengthened in 2026. CBRE reported 2.5 million square feet of third-quarter net absorption and more than 8 million square feet of year-to-date absorption. Leasing activity totaled 10.1 million square feet for the quarter, and the vacancy rate fell 70 basis points from the prior quarter to 4.7%. Average asking rents reached $7.07 per square foot, and industrial construction underway rose to 14.4 million square feet.

Other estimates point in the same direction, though methodologies differ. One third-quarter report put overall Columbus vacancy at 4.1% and modern-bulk vacancy at 3.5%, with approximately 12.1 million square feet of speculative space scheduled to deliver through the end of 2027. Another estimate reported 4.5% vacancy, 4.6 million square feet of quarterly absorption and asking rents of $6.44 per square foot, up 11% year over year. Estimates of space under construction range from 13.7 million to 14.4 million square feet.

Nationally, industrial markets have shifted from the rapid expansion of 2021–2022 toward stabilization, with construction starts near decade lows and annual in-place rent growth of approximately 5.3%, according to industry data.

Outlook

Building II is being built without a pre-commitment, and the Columbus construction pipeline is sizable. Ambrose is positioning the building for users seeking large contiguous modern space in a market where, in the firm's view, bulk options remain limited. With fixturing targeted for summer 2027, the building is scheduled to reach the market as leasing activity and absorption remain elevated.

Sources

• Ambrose: Ambrose breaks ground on one million SF modern logistics building in Columbus