US real estate investment company Iconic Equities has added a 322,840sqft asset in Midwestern to its portfolio.

The firm focused on industrial assets said it has acquired the industrial warehouse on 23 acres of property in southeast Columbus, Ohio.

IPE Real Assets understands that Iconic paid around $12.7m (€11.7m) for the property located at 3275 Alum Creek Drive.

The latest acquisition is Iconic’s second in Columbus in the past year, and follows its acquisition of a 56,784sqft asset on 15 acres located at Advanced Avenue.

The company also recently entered into a joint venture with Leste Real Estate to invest $400m to industrial outdoor storage properties. Iconic also acquired sites in the Inland Empire, South Florida and Columbus, which are currently being developed.

Tim Bishop, founder and CEO of Iconic Equities, said: “Out of any Midwestern market, we have the most conviction in Columbus, given the recent manufacturing momentum from Intel, Honda, and others.

“We have a strong and growing pipeline of opportunities to convert underutilised properties into industrial hubs to add mission-critical infrastructure into the US supply chain.”

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