Becknell Industrial to develop 138,750-square-foot spec/build-to-suit at Port Union at Union Centre
Cincinnati, OH –CBRE Group, Inc. announced today that it facilitated the sale of 9.1 acres of land located at the corner of Union Centre Boulevard and LeSaint Drive in West Chester, Ohio. Becknell Industrial, a privately held vertically integrated real estate firm specializing in the development, management and long-term ownership of industrial properties nationwide, purchased the land from IDI Gazeley.
The land is a part of Port Union at Union Centre, a master-planned park along Union Center Boulevard. Becknell will use the land to develop a 138,750-square-foot spec building, but will also consider a build-to-suit. Construction is expected to begin in spring 2016.
“We are a big fan of the Greater Cincinnati industrial market as evidenced by our recent acquisitions in Forest Park and Lebanon,” Pete Anderson, EVP Investments at Becknell said. “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.”
CBRE’s Jeremy Kraus, vice president, represented the seller in the transaction. CBRE will also actively market the property on behalf of Becknell.
“We are excited about working with Becknell on this project,” CBRE’s Kraus said. “As the market has tightened, tenants who are seeking high-quality space in this size range haven’t had many good options. Becknell’s future site at Port Union will help give tenants more options.”
Mike Lowe, Doug Whitten, Tim Schenke, and Jeremy Kraus offer multi-faceted industrial real estate strategies to landlords and tenants seeking creative answers to the challenges they face in an emerging local and global economy. In 2015, they completed 87 transactions totaling over 9.9 million square feet. For more information about the Lowe/Whitten/Schenke/Kraus team, please visit their team page.
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