January 30th, 2006
COLUMBUS — The Pizzuti Companies and Nationwide Realty Investors (NRI) have announced the sale of a jointly owned portfolio of 10 warehouse buildings to Dividend Capital for $106.5 million. The buildings total approximately 2.7 million square feet and are located south of Columbus, Ohio, in Grove City and near Rickenbacker International Airport. The properties include a broad range of quality tenants such as DHL, Wal-Mart, RedEnvelope, Océ Imagistics and Nissan. Pizzuti will retain the management and leasing of the portfolio.
“The time is right to sell off some portions of our assets as we do periodically,” said Joel S. Pizzuti, president and COO of The Pizzuti Companies. “We were able to negotiate a deal that was beneficial to all parties involved and Pizzuti is now in an ideal position to seek out new development opportunities. We control more than 1000 acres in Indianapolis, Central Ohio and Florida and with our partners are looking for the new development opportunities in multiple markets.”
In addition to the 10 buildings sold, Pizzuti and NRI jointly own several properties and more than 400 acres at the Pinnacle Business Park in Romeoville, Ill. The partnership also owns industrial properties at Eagle Creek in Indianapolis. Pizzuti and NRI have jointly developed more than 11 million square feet of industrial buildings in Columbus, Chicago and Orlando.
Nationwide Realty Investors (NRI) is the development arm of Nationwide Mutual Insurance Company. NRI is active throughout the United States with a diverse portfolio of office and retail space, entertainment venues, hotels, apartments and condominiums. Directly and through joint ventures, NRI owns more than $1 billion in real estate investments.