By 1808Delaware
A two-year-old industrial building on Delaware’s southwest side has changed hands for $33.75 million, bringing a new institutional investor into Ohio and putting a sizable price tag on one of the city’s newest manufacturing properties.
The 257,120-square-foot facility at 2039 Pittsburgh Drive was sold by The Camber Company to Minneapolis-based SR Realty Trust. The building sits on 19.88 acres and is fully occupied by Luvata and Vertiv, two manufacturers with global operations. At the reported sale price, the transaction works out to roughly $131 per square foot.
A New Owner Enters Ohio
For SR Realty Trust, the purchase represents its first investment in Ohio. The company says the acquisition, which it calls the Delaware Industrial Center, expands its holdings to 55 properties in seven states and pushes the value of its real estate portfolio above $600 million.
SR Realty Trust plans to make the property available to qualified investors through a Delaware Statutory Trust, a structure frequently used by real estate investors completing Section 1031 tax-deferred exchanges.
Built for Modern Manufacturing
The Pittsburgh Drive building was developed by The Camber Company in 2024, and its specifications reflect the scale of newer industrial construction: 32-foot clear heights, 24 loading docks, two drive-in doors, 50-foot-by-52-foot column spacing, heavy electrical capacity and parking for 179 vehicles. The site is about 13 miles north of Interstate 270. Construction began after Camber had already completed much of the design, permitting and planning work. That timing proved important when longtime Delaware manufacturer Luvata needed additional space. Luvata leased approximately 128,000 square feet, essentially half the building, and moved into the new facility in 2024. Today, the entire building is occupied by Luvata and Vertiv.
Luvata Expansion Brought New Life to the Site
For Luvata, the building became part of a major expansion of a manufacturing operation with deep roots in Delaware. The company planned about $18 million in new equipment and automation for the facility to accommodate growing demand for components used in electric vehicles, electrical infrastructure and renewable-energy projects. Luvata said the expansion could add nearly 50 jobs over a decade.
Luvata has operated in Delaware since 1966 and built its existing factory at 1376 Pittsburgh Drive in 1999. At the time the new project was announced, the company employed about 125 people locally. Its manufacturing specializes in copper products used in industries ranging from transportation to electrical systems, placing the Delaware operation within sectors experiencing substantial investment in electrification and energy infrastructure.
Vertiv Adds Another Global Name
The second tenant, Vertiv, is headquartered in Westerville and supplies power, cooling and infrastructure systems used by data centers, communications networks and industrial facilities. Its presence gives the Pittsburgh Drive property exposure to another rapidly growing sector. Demand for data-center equipment has accelerated with the expansion of artificial intelligence and high-density computing, increasing the need for electrical power and cooling infrastructure.
Vertiv already has an established Delaware presence, making the new building part of a broader concentration of advanced manufacturing along the Pittsburgh Drive corridor.
Pittsburgh Drive Keeps Drawing Investment
The $33.75 million sale also offers another measure of the changing industrial landscape on Delaware’s southwest side. What was a new building seeking tenants only two years ago is now fully occupied by two global manufacturers and owned by an out-of-state real estate investment trust making its first move into Ohio.
Colliers advisor Alex Davenport pointed to Delaware’s location north of Columbus and its access to the regional transportation network as factors attracting industrial users and investors. He said demand remains focused on newer, fully occupied properties in growing markets with established tenants.
The sale itself does not bring a new factory or another round of jobs. Those investments have already begun. But a nearly $34 million valuation for a building completed in 2024 provides another indicator of how investors now view Delaware’s industrial corridor: not simply as an extension of the Columbus market, but as a place where large-scale manufacturing and industrial investment are taking root.
