Livingston Street Capital has sold a 393,817 square-foot industrial property on Columbus’ south side to an investment group.
The building, located at 830 W. County Road 450S, was sold to Bridge Investment Group for $55.3 million, Livingston Street Capital said in a statement. The sale was completed July 16, according to county records.
Currently, the building’s tenant is Faurecia Emissions Control Technologies USA LLC, which is part of the Faurecia Clean Mobility Group.
“Our strategy for identifying industrial assets is to target single-tenant properties and locations that are strategic to a company’s operations and growth or serve a vital function within a key division,” said President and Co-CEO of Livingston Street Capital Peter Scola.
“This is why we were attracted to this investment originally and saw strong demand for it during our disposition process. This asset was ideally aligned with this business plan, having been built specifically as a mission critical facility for the tenant and located adjacent to Faurecia’s Clean Mobility Crossroads R&D facility.”
Livingston Street Capital, a boutique private equity firm based in Pennsylvania and New York focused on commercial real estate investments, acquired the property in November 2018 for $39 million.
Bridge Investment Group operates as a real estate investment firm focusing on multi-family, office, senior housing, workforce and affordable housing, among other types of properties, according to a press release from the company this past January.
The company is based in Salt Lake City, Utah, according to business filings. The company’s website also lists offices in New York, California, Florida and Georgia.
