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Buyers Snap Up Distribution Centers Near Cincinnati, Dayton

5 Jul 2015, 7:56 pm

By Adrian Maties, Associate Editor

Out-of-state investors have picked up two industrial facilities in the Greater Cincinnati and Dayton areas. Between them, the properties commanded more than $24 million.

According to the Dayton Business Journal, Boston-based Stag Industrial paid $9.1 million to buy the Bon-Ton distribution center in Fairborn. The 260,000-square-foot property is located at 1340 E. Dayton-Yellow Springs Rd.

The newspaper also reported that the facility will continue to operate as a Bon-Ton distribution center. The York, Pa.-based company is one of the city’s largest employers; about 180 people work at Stag Industrial’s newly acquired property. However, Chris Wimsatt, the city’s economic development director, told the Dayton Business Journal that the facility will lose 50 of those workers when the company opens a new distribution center in West Jefferson. Even so, Bon Ton will remain one of the city’s largest employers.

Aviation Distribution CenterAlso under new ownership is an industrial facility in Hebron, Ky. The Cincinnati Business Courier reports that an affiliate of Denver-based EverWest Real Estate Partners paid $15 million for the warehouse building at 1260 Aviation Blvd. The deal closed in May. VanTrust Real Estate L.L.C. was the seller.

EverWest’s new 274,000-square-foot warehouse opened in the summer of 2014. It is located less than a mile from Interstates 71, 75 and 275, and close to Cincinnati / Northern Kentucky International Airport. It is currently home to the United Parcel Service. Tom Karbowski, managing director of acquisitions for EverWest, told the Business Courier that his company was attracted by the property’s location, tenant and quality.

Photo credit: www.vantrustrealestate.com

Seniors Housing Project Awaits Green Light

1 Jul 2015, 2:37 pm

By Adrian Maties, Associate Editor

knowlton northsideA 56-unit affordable apartment community for seniors is coming to Cincinnati’s Northside. The Cincinnati Business Courier reports that Episcopal Retirement Homes plans to build the project, dubbed Knowlton Northside, on three quarters of an acre at Knowlton and Mad Anthony streets.

Designed by Kenneth E. Schon, the four-story building will meet LEED Silver standards. Model Construction L.L.C. will serve as general contractor. The $10.4 million project will be financed partly with low-income tax credits awarded last year by the Ohio Finance Authority.

The Business Courier noted  that the City Council’s Budget and Finance Committee unanimously approved a property tax exemption for the project on Monday, June 29. If the project wins final approval on July 1 as expected, construction would start on July 15. Completion is scheduled by July 2016.

Photo credit: Ohio Housing Finance Agency

High-Tech Intel Unit Expands at Wright-Patterson

29 Jun 2015, 9:53 pm

By Adrian Maties, Associate Editor

National Air and Space Intelligence Center The National Air and Space Intelligence Center broke ground June 19 at Wright-Patterson Air Force Base on an expansion that will boost its mission of analyzing military technology of the United States’ adversaries.

The 58,000-square-foot project will nearly triple the size of the existing Foreign Materiel Exploitation Laboratory and double its lab space, enabling NASIC to consolidate its operations and take on more projects.

The Dayton Daily News reports that Messer Construction Co. won a $24.1 million contract to build the new facility. Under the terms of the deal, the Cincinnati-based contractor must complete construction by May 2017.

NASIC serves as the U.S. Department of Defense’s primary source of air and space intelligence. It produces integrated, predictive air, space and specialized intelligence to support missions ranging from military operations and force modernization to policymaking. Headquartered at Wright-Patterson, NASIC has a workforce of more than 3,100 and a $350 million annual budget. NASIC’s materiel exploitation lab determines the workings of adversaries’ air, space and cyberspace technology.

A little over a year ago, Sen. Sherrod Brown announced that the NASIC was been awarded $29.5 million in new federal funding to expand and strengthen its operations at Wright-Patterson.

Logo: Wright-Patterson Air Force Base

School to Make Way for Apartments

29 Jun 2015, 4:35 am

By Adrian Maties, Associate Editor

School district officials in Newport, Ky., have selected a developer to tear down a school building and build a multi-family project on the site.

According to the Cincinnati Enquirer, CRG Residential edged out five competitors with its $2.6 million bid on the Newport Intermediate School building at 101 E. Fourth St.  The Newport Independent School Board accepted CRG’s bid on June 22. However, Newport Intermediate will be open for the 2015-2016 school year. The deal will not close until Aug. 1, 2016, after the district relocates the school’s 450 third-, fourth- and fifth-graders.

In the meantime, Carmel, Ind.-based CRG will develop the project’s designs and obtain the necessary approvals. Although an architect has not been selected, David George, CRG’s vice president of development, told the Enquirer that his company intends to build a four-story building with about 200 one- and two-bedroom units and first-floor retail or restaurants. He added that the apartments will resemble those at nearby Monmouth Row.

CRG did not reveal how much it intends to invest in the project. In an interview for the Cincinnati Business Courier, David George also said that, once work starts, construction should take about a year and a half. This means that the new apartments could be ready by the end of 2017 or the start of 2018.

Southwest Ohio Is One of the Nation’s Healthiest Housing Markets

25 Jun 2015, 8:00 pm

By Adrian Maties, Associate Editor

Columbus-based Nationwide, one of the nation’s largest insurance and financial services organizations, has released its quarterly housing market report this week. According to the quarterly report, most U.S. housing markets are healthy, and Southwest Ohio is one of the most robust regions in the county.

Nationwide’s Health of Housing Markets Report

Click to enlarge.

Nationwide’s Health of Housing Markets Report (HoHM Report) takes a look at 400 U.S. metro areas. It includes a national leading indicator score, which was 109.4 for the second quarter of 2015. Though the score decreased slightly from last quarter’s record level of 109.8, the score is still very positive. An index value over 100 means that the national housing market is healthy, with lower chances of a housing downturn in next year.

According to the HoHM Report, the housing markets in most metropolitan areas are also healthy. Southwest Ohio was one of the best-performing regions in the country, with three metropolitan areas in the Top 10. The first is Springfield, a city located 25 miles northeast of Dayton. It occupies second place in the Top 10. Dayton is sixth and Cincinnati is seventh.

Nationwide’s Health of Housing Markets Report

Click to enlarge.

Although it was not present in the Top 10, the Northeast Ohio region, with its Cleveland-Elyria-Mentor, Akron-Canton and Youngstown markets, also performed very well. Cleveland-Elyria-Mentor occupied second place in the Q1 report’s Top 10 Metropolitan Statistical Areas.

The HoHM Report also said that only eight metro areas across the country have negative readings, but none too serious. Seventy-five percent of the negatively ranked metro areas are located in Texas and Louisiana.

Photo credit: Nationwide

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