Cincinnati industrial park sells for $51.3M
JLL Capital Markets closed the sale of the 14-building Capital Center Industrial Park
CHICAGO, Feb. 9, 2021 – JLL Capital Markets announced today that it has closed the $51.3 million sale of Capital Center Industrial Park, a 14-building portfolio of light industrial assets totaling 896,523 square feet in Cincinnati, Ohio.
JLL marketed the property on behalf of the seller, Dalfen Industrial. TradeLane Properties purchased the asset.
The portfolio properties compose the 43.54-acre Capital Center Industrial Park, which is 93.5 percent leased to 65 diverse tenants of varying unit sizes. Mostly completed in the 1970s, the portfolio has been institutionally maintained for decades and has received substantial capital improvements over time. It is located at the crossroads of Interstates 275 and 75 in the Tri County Industrial Submarket, a popular submarket known for its proximity to downtown Cincinnati.
JLL Research’s Q4 Industrial Outlook report details that, despite the disruptions the pandemic caused in day to day business operations, the Cincinnati industrial market continued to fare well last year. E-commerce, traditional retailers and 3PL companies remain the biggest demand drivers within the market, keeping leasing velocity steady throughout 2020. Transaction activity in the fourth quarter took place largely in the Florence/Richwood and Tri County Industrial submarkets.
The JLL Capital Markets team representing the seller was led by Senior Managing Director and Co-Head of JLL’s Industrial Capital Markets group John Huguenard and Senior Director Kurt Sarbaugh. Executive Vice President Mark Volkman also assisted on the project.
“Cincinnati has become a truly dynamic industrial market, evidenced by the quality of the buyer pool that showed up for this offering,” Sarbaugh said. “The CVG airport is one of the largest cargo airports by volume in the country, and the city is located within a day’s truck route of more than half of the U.S. population.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Dalfen Industrial
Dalfen Industrial is one of the nation’s largest buyers of industrial real estate and is a leader in the last-mile property sector. Their investment focus is on strategically located urban infill warehouses and distribution buildings. Dalfen currently owns and operates millions of square feet of premier industrial properties throughout the United States.
About TradeLane Properties
TradeLane Properties is a privately held Industrial real estate company committed to harnessing its founders’ expertise in acquiring, developing, redeveloping and operating industrial real estate facilities. Combining 75 years of experience, two publicly traded industrial REIT’s and decades of extensive value creation for shareholders, employees and customers, the TradeLane Properties founders have a proven track record of success. For more information, visit tradelaneproperties.com or call Kari Lavezzi at (630) 320-5501.