DALLAS – Hillwood, a Perot company, and Cincinnati-based developer and design-builder Al. Neyer today announced the acquisition of 49 acres in Hebron, Kentucky for two speculative industrial buildings at the Hebron Logistics Center on Litton Lane. The simultaneously built buildings will measure 589,244 SF and 209,468 SF, respectively.
This joint venture marks Hillwood’s second development in Greater Cincinnati. The company is a capital partner for Dermody Property’s LogistiCenter@275, which is a 900,000 SF distribution center completed in June and leased to Wayfair before completion.
“We have had great success in this area and are eager to continue our investment in this market,“ said Kurt Nelson, Hillwood’s senior vice president and market leader. “Industrial volume in this region reached record highs in 2015 and we continue to see strong activity in 2016. The Cincinnati market has experienced considerable growth over the last few years, and we look forward to contributing to its future success.”
“It is really difficult to find developable industrial sites in Greater Cincinnati, especially with such convenient proximity to the airport,” says Dan Ruh, senior vice president, real estate development, Al. Neyer. “Few metropolitan areas offer our convenient access, affordability, Fortune 500 presence, and capable workforce, and we know this development will present a tremendous opportunity to a number of booming industries.”
This property will have ideal visibility from Interstate 275 and the site has direct access via I-275 and State Road 237, as well as easy access to interstates 71, 74 and 471. Located on I-275 near State Road 237, prospective tenants will be five minutes from Cincinnati/Northern Kentucky International Airport, which serves the Greater Cincinnati metro area out of Hebron. Building features include 32’ and 36’ clear heights, cross-dock loading, T-5 lighting and ESFR fire protection system. There will be 130’ and 185’ truck courts, as well as ample auto and trailer parking space and additional area available for future parking.
The announcement comes at a time when demand for industrial space in the Greater Cincinnati/Northern Kentucky industrial market is high. According to CBRE Research, Cincinnati had an availability rate of 4.4 percent in Q2 2016, one of the five lowest availability rates in the country.
Crews will begin preparing the site for construction beginning the week of September 26. Target completion for both buildings is mid-2017. CBRE brokers Mike Lowe, Jeremy Kraus, Doug Whitten and Tim Schenke are serving as the leasing agents.
Hillwood, a Perot company, is an entrepreneurial real estate developer, investor and advisor of industrial properties focused on customer solutions, innovative investment opportunities and creating value and lasting contributions for its stakeholders. Serving 24 markets in North America and Europe, Hillwood is actively involved in development, acquisitions, construction, leasing, property management and fund/asset management of high-quality, well-located, flexible and functional industrial properties. Moreover, the company is also a capital provider to other development companies through a partnership and other venture arrangements. For additional information, visit www.hillwood.com.
About Al. Neyer
For nearly 125 years, Al. Neyer has offered a full-range of real estate development and design-build construction solutions for commercial clients. Established in 1894 and employee-owned since 2014, the company specializes in urban mixed-use developments and build-to-suit commercial spaces, including medical office buildings and industrial facilities. Al. Neyer is continually recognized for its ability to collaborate and provide greater value, high-quality and faster project delivery. Al. Neyer is headquartered in Cincinnati, has offices in Pittsburgh and Nashville, and serves a local, regional and national client base. More information about the company can be found at www.neyer.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.