Cushman & Wakefield Alliance Firm Arranges 163,000-Square-Foot Industrial Lease in Ohio
MONROE, Ohio, March 20, 2013 - Cincinnati Commercial, a Cushman & Wakefield, Inc. Alliance firm, has arranged a 163,000-square-foot industrial lease at 1225 Logistics Way with Ball Metal Beverage Container Corp. Cincinnati Commercial's Si Pitstick and Josh Young represented landlord Industrial Developments International (IDI), and the tenant - which relocated within the metro Cincinnati market - was represented by Chuck McCosh of Our Corporate Real Estate Department.
The 553,694-square-foot 1225 Logistics Way, also known as Building B, is the second building to rise within Monroe Logistics Center, and Ball Metal Beverage Container is the building's initial tenant.
"The key thing to note is that this is the first speculative industrial building built in the region since 2008," said Pitstick. "The building was just completed in December, and the fact that we were able to secure a major tenant so quickly is indicative of the pent-up demand in the market. IDI was able to accommodate this requirement and make it happen very quickly."
Located just off State Route 63, Building B is situated near both I-75 and I-275. The building offers 32-foot clear ceiling heights, and features a pre-approved, 15-year, 100 percent real estate tax abatement.
"The fact that this building has its first tenant so quickly after completion is an indication that the industrial real estate market - and the real estate market in general - is tightening up in Cincinnati," said Pitstick. "Leasing activity has been steadily picking up, and we are seeing substantial interest in the remaining availability in this particular building."
Cushman & Wakefield's industrial brokerage platform provides global resources and local expertise for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis. In 2012, in the U.S. alone, this group completed more than 7,020 industrial real estate transactions - totaling 261 million square feet - with an aggregate value in excess of $8.43 billion.