TradeLane Properties Expands Cincinnati Portfolio with 14-Building Acquisition
Oakbrook Terrace, IL –
TradeLane Properties, a privately held Industrial real estate investment company, has successfully closed on a fourteen building off-market portfolio that includes nine light industrial buildings and five bulk distribution buildings located amongst Cincinnati, Ohio and Erlanger, Kentucky. Seven of the buildings are located in the CVG Airport submarket immediately adjacent to the Amazon Air Hub, while the other seven buildings are situated in highly desired submarkets of Cincinnati.
The 651,846 square foot value-add portfolio was 94% leased at closing and includes 56 diverse customers amid 3rd party logistics, air cargo, e-commerce, manufacturing, and wholesale trade.
The portfolio acquisition will involve significant capital improvements over the course of ownership. The scheduled improvements include roof replacements, major asphalt / concrete enhancements, full exterior repaints, landscape improvements, and office build out.
This transaction, with an average building size of 46,560 square feet and a weighted average remaining lease term of under three years, is consistent with TradeLane Properties’ strategy of investing in select major Central U.S. logistics markets with opportunity to add value through in-house capabilities inclusive of dedicated accounting, construction, and property management teams.
TradeLane Properties would like to thank Erin Casey of Colliers for her assistance in this transaction.
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 focused on the Central U.S. markets of Chicago, Cincinnati, Columbus, Indianapolis, Louisville, Dallas-Fort Worth and San Antonio. For more information, visit www.tradelaneproperties.com or call Kari Lavezzi at (630) 320-5501.