Colliers Closes Sale of Two Tenby Partners-Developed Class A Industrial Buildings in Central Ohio

Colliers has completed the sales of two Class A industrial facilities totaling 404,088 square feet in the Columbus, Ohio, metropolitan area, the firm announced Oct. 28, 2026. The properties, at 10013 Busey Road in Canal Winchester and 161 Kenmore Boulevard in Commercial Point, were developed by Tenby Partners in 2023 and acquired by a private investor in separate transactions.

Colliers Team Represents Tenby Partners

Alex Cantu, Alex Davenport, Jeff Devine, Steve Disse and Tyler Ziebel of Colliers Institutional Industrial Advisors | Central partnered with Jonathan Schuen of Colliers | Columbus to represent the seller, Tenby Partners. Tenby Partners is a Columbus-based development and design-build construction firm that specializes in flex-tech industrial projects.

10013 Busey Road: Southeast Submarket

The property at 10013 Busey Road in Canal Winchester is a 209,656-square-foot facility in Columbus' Southeast industrial submarket. It features 32-foot clear heights, 15 dock doors, three drive-in doors, 14,014 square feet of office space and 210 auto parking spaces on a 12.03-acre site. The building is fully leased to three tenants in third-party logistics, healthcare and steel distribution.

Rickenbacker Exchange at Commercial Point

Rickenbacker Exchange, at 161 Kenmore Boulevard in Commercial Point, is a 194,432-square-foot facility in the Rickenbacker industrial submarket. The building has 32- to 34-foot clear heights, 18 dock doors, two drive-in doors and 192 auto parking spaces on a 15.26-acre site. It is fully leased to two tenants, ServeOne America and Fasteners.

Together, the two buildings average about 202,044 square feet each and sit on a combined 27.29 acres.

Access to Regional and National Freight Networks

Both properties are in established Central Ohio industrial corridors with connectivity to the regional interstate network and major freight infrastructure. Their proximity to Rickenbacker International Airport, the Rickenbacker Inland Port and the Norfolk Southern Intermodal Terminal provides access to regional, national and international distribution networks, according to Colliers.

Colliers said in the announcement: "Central Ohio continues to attract industrial investment, supported by established transportation infrastructure and ongoing regional development. These transactions reflect sustained investor demand for modern, fully leased industrial facilities that offer durable income and access to the region's key distribution corridors."

Columbus Industrial Market Context

The sales come as Columbus industrial brokerage reports point to strong demand for new construction, though the figures vary by methodology and market definition. Newmark reported 1.8 million square feet of positive absorption in the second quarter of 2026, with vacancy edging up 20 basis points to 7.0% as deliveries outpaced demand. Nearly 1.2 million square feet of the quarter's 2.5 million square feet of deliveries was vacant. Newmark also recorded second-quarter asking rents of $6.94 per square foot NNN, up 11.4% year over year.

CBRE reported 2.5 million square feet of third-quarter absorption, more than 8 million square feet year to date, and vacancy of 4.7%, a 70-basis-point quarterly decline. Third-quarter leasing activity totaled 10.1 million square feet, up 62.4% from the prior quarter, with average asking rents at $7.07 per square foot. Cushman & Wakefield reported third-quarter vacancy of 3.4%, down 390 basis points year over year, with average net asking rents of $6.98 per square foot, up 7.7%.

Class A space has commanded a premium. KBC Advisors reported vacancy fell to 5.4% in the first quarter of 2026, with average asking rents of $6.23 per square foot, while two first-generation Class A leases in the 100,000-square-foot range exceeded $9 per square foot. Colliers' first-quarter flex-market reporting showed vacancy below 4% for a second consecutive quarter, with first-year asking rates of $10.73 per square foot NNN for available flex space.

Larger occupier commitments have also supported demand. Marcus & Millichap cited new leases by companies including Kosch Logistics, Illuminate USA, Ryder Systems and Meta, with average new lease sizes in Licking County reaching 400,000 square feet and local vacancy falling to 2.8%.

Outlook

The Busey Road and Kenmore Boulevard buildings were both delivered in 2023 and are 100% leased across five tenants combined, attributes that match the recent construction, full occupancy and modern logistics functionality favored by industrial investors. The sale of the two assets reflects continued transaction activity for recently built, stabilized logistics product in the Southeast and Rickenbacker submarkets.

Sources

Colliers: Colliers closes sale of two Class A industrial facilities in Central Ohio