The Eastgate Logistics Center, a 292,595-square-foot industrial warehouse on Deffenbaugh Court in Gahanna, has sold to Dogwood Industrial Properties for $42 million, Columbus Business First reported Aug. 5.

The sale price works out to roughly $143 per square foot for the distribution building at 1804-1808 Deffenbaugh Court, near Eastgate Parkway with direct access to I-270 and I-670.

The building was fully leased.

Indianapolis-based Scannell Properties, a private developer that has built more than 140 million square feet of commercial space since 1990, sold the property. CoStar reported the building was fully occupied at the time of the transaction, meaning Dogwood is acquiring a stabilized, income-producing asset rather than a vacant building needing tenants.

Dogwood Industrial Properties, formed in 2019 and backed by TPG Real Estate Partners, focuses on buying and operating logistics buildings in high-growth metro areas. As of late 2022, the Atlanta-based firm had acquired nearly 12 million square feet across more than 130 properties in 13 U.S. metro areas, according to a JLL press release from that year.

The Gahanna building features 32-foot clear ceiling heights, 10 dock doors with 40,000-pound levelers and knockout panels for additional docks, plus 53 car and 24 trailer parking spaces, according to a CBRE marketing flyer for the property. The site sits minutes from John Glenn Columbus International Airport.

The sale adds to a wave of industrial investment in the Columbus region this year, including a 2.5-million-square-foot project near Rickenbacker and a $60 million campus in Canal Winchester expected to create 400 jobs, Columbus Business First reported.

Chris Carlino, a development manager for Scannell Properties, said at a June 15 groundbreaking for a separate Scannell project in Commercial Point that "nearly 50 percent of the U.S. population is located within a 10-hour drive of the Columbus region," calling it the reason the company keeps investing in central Ohio. The Gahanna sale was Scannell's ninth project in the region.

Dogwood has not announced any changes to the property's tenants or operations. The firm's stated strategy is to hold and operate industrial assets long-term, and the Eastgate Logistics Center remains fully leased.