Cooperating SIOR Members:
Si Pitstick, SIOR, CCIM
Cushman & Wakefield
Shane Woloshan, SIOR
Michael Linder, SIOR
John Gartner, SIOR
Transaction Type & Details:
Transaction Date: January 28, 2013
Transaction Type: Sale
Building Type: Industrial
Building Size: 327,470 sq. ft.
Aggregate Rent or Sales Price: $4,912,050
The SIOR brokers involved in the transaction at 3435
Airborne Road in Wilmington, OH, are all involved
in leadership positions within SIOR and the SIOR
Ohio Chapter. The brokers had a good working
relationship and trusted each other through their
• Polaris Industries hired Cushman and Wakefield to help them locate a second distribution center.
• Polaris has an existing warehouse in South Dakota and needed a facility that could accommodate east coast users more effectively.
• The owner purchased the building from DHL as part of a five building Wilmington, OH, portfolio in 2010. The portfolio was 95 percent vacant at the
time of purchase. The owner hired Colliers International in 2012 to find buyers or tenants for the property.
• When DHL announced that it would cease operations in Wilmington, OH, in June of 2008, more than 10,000 jobs were eliminated. The city has
eagerly been searching for new jobs since DHL’s departure from the market.
• Polaris Industries purchased the building at a 50 percent discount when compared to other similar properties in central Ohio.
• The Seller sold the building for a considerable profit since it acquired the property as surplus real estate from DHL in a down economy.
• Wilmington will benefit with approximately 100 new jobs to the city.
• Wilmington is an outlying market located between Columbus and Cincinnati and one hour away from where the SIOR brokers normally operate.
• The Cushman & Wakefield brokers canvassed the state of Ohio in an effort to make sure that no other properties were left out from consideration,
including those in small outlying areas.
• The Colliers International brokers formed a Columbus/Cincinnati marketing team to ensure the property was being effectively marketed to users
that were considering Columbus or Cincinnati.