In The News

Large, speculative building coming to West Chester

February 12, 2016  |  Port Union at Union Centre
Port Union at Union Centre

Cincinnati Business Courier

A real estate development firm purchased more than 9 acres of land in West Chester Township with plans to develop a large, speculative industrial building.

A real estate development firm purchased more than 9 acres of land in West Chester Township with plans to develop a large, speculative industrial building.

Becknell Industrial, a privately held real estate firm specializing in the development, management and ownership of industrial properties nationwide, purchased 9.1 acres of land from IDI Gazeley for $660,725, or about $72,300 per acre. Becknell will use the land, located at the southwest corner of Union Centre Boulevard and LeSaint Drive, to develop a 138,750-square-foot industrial building.

Pete Anderson, executive vice president of investments at Becknell, said the developer is a fan of the Greater Cincinnati industrial market. Becknell owns more than 280,000 square feet of industrial space locally, including 2800 Henkle Drive in Lebanon and 1680 Carillon Blvd., which it acquired a year ago for $7.3 million.

“This new land acquisition in West Chester and our planned subsequent speculative development is all based around the strong fundamentals of low supply and increased demand in a very mature submarket,” Anderson said.

While Becknell is planning to develop a building without a signed tenant, the developer also will consider a build-to-suit option. Construction is expected to begin in spring 2016. If the project goes forward on a speculative basis, Anderson expects it will be ready for tenants in the late third quarter of 2016.

The building, known as Building E in Port Union at Union Centre, is planned to have 28-foot clear height, 14 docks that are expandable to 24, two drive-in doors and parking for 110 cars. The site is 4 miles from Interstate 275 and 3.5 miles from I-75.

Jeremy Kraus, vice president in the Cincinnati office of CBRE, represented IDI Gazeley in the sale. CBRE’s industrial services team of Mike Lowe, Doug Whitten, Tim Schenke and Kraus will market the property on behalf of Becknell.

There hasn’t been much new development of light industrial properties in the past seven or eight years, Kraus said.

“There’s a lot of organic growth pent up in the greater West Chester area,” Kraus said. “There hasn’t been a new option to go to in a long time.”

Becknell, based in Carmel, Ind., with offices in Chicago and Delray Beach, Fla., owns interest in more than 15 million square feet of industrial properties. Its portfolio includes 131 industrial properties in 31 states.

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