New build-to-suit industrial facility in northeastern Kentucky sold
JLL Capital Markets closed the $6.2M sale of the property near the Kentucky-Ohio-West Virginia border
CHICAGO, August 24, 2020 – JLL Capital Markets announced today that it has closed the $6.2 million sale of a 25,000-square-foot industrial warehouse and manufacturing facility built to suit for and double net leased to Flowserve in the northeastern Kentucky community of Grayson.
JLL worked on behalf of the seller, Investment & Development Ventures, LLC. A high net-worth private capital buyer out of West Palm Beach, Florida, purchased the asset in a 1031 exchange.
Constructed in 2020, the building is fully leased to Flowserve Corporation, which produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. The facility is highly customized and a mission critical part of the tenant’s operation. The state-of-the-art building features compressed air loops and drops throughout the entire facility, four overheard cranes, four jib cranes, ELO fire suppression that allows the tenant to store product up to 20 feet with capacity for expansion. Situated on 2.9 acres along E. Park Dr. in Argillite, the building is located in EastPark, a 1,000-acre, multi-use business park located along Interstate 64 close to the intersection of Kentucky, Ohio and West Virginia, which provides exceptional regional access.
The JLL Capital Markets team representing the seller was led by Managing Directors Alex Sharrin and Trent Agnew; Senior Managing Director Brian Shanfeld; Senior Director Jason DeWitt; and Director Alex Geanakos.
“Build-to-suit industrial assets with long-term leases and credit-quality tenancy are attractive investments in today’s marketplace,” Sharrin said.
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 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.
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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 $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Investment & Development Ventures, LLC
Investment & Development Ventures, LLC (“IDV”) is a privately held real estate investment development and management company based in Houston, Texas. The principals of IDV have over 60 years of combined experience in the real estate investment and development business. Whether for an institution, high-net worth individual or family office, the firm excels at managing risk and delivering strong returns. The IDV investment approach is centered on conservative underwriting, creative deal structuring, and clear communication which leads to exceptional results.