IDI Gazeley Lease is 2015 Pacesetter
- May 04, 2015
So far, 2015 has been an excellent year for the Greater Cincinnati industrial market. After registering more than 2 million square feet of positive net absorption in the first quarter, the area has now recorded its largest lease transaction of the year.
SSB Manufacturing has signed a lease with IDI Gazeley for 430,668 square feet at 601 Gateway Blvd., which opened last fall at Park North in Monroe. SSB is the first major tenant at 601 Gateway, which offers 649,000 square feet and a 15-year, 100 percent tax abatement. CBRE’s Mike Lowe, First Vice President, and Tim Schenke, Vice President, represented the tenant.
DTZ reported last month that the Greater Cincinnati industrial market absorbed 2.3 million square feet in the first quarter, the fifteenth consecutive quarter of positive absorption. As a result, overall vacancy dropped to 4.7 percent from 5.4 percent in the fourth quarter of 2014. The average asking rent increased 2.5 percent to $3.76 per square foot.
Photo credit: www.brookfieldlogisticsproperties.com