Brennan Investment Group has acquired a 263,000-square-foot industrial facility in Cincinnati, Ohio, from Intelligrated, a subsidiary of Honeywell International.
The buyer paid $14.9 million for the property and took out a $10.4 million bridge loan from Byline Bank, according to CommercialEdge data.
Prior to the acquisition, the buyer secured a full long-term lease with Trew, a provider of automated material handling solutions.
The 1986-completed property was expanded and renovated in 2000. Features at the Class A building include 25-feet clear heights, 130-foot truck courts, 390 parking spaces, along with nine dock-high loading doors and four drive-in doors. There is also an outdoor storage area.
The 17.5-acre property is within World Park industrial campus at 10045 International Blvd., providing easy access to interstates 275 and 75. Downtown Cincinnati is less than 20 miles from the asset, while Cincinnati/Northern Kentucky International Airport is some 53 miles southwest.
Brennan’s Midwest industrial inventory
Brennan Investment Group’s portfolio in the Midwest totals more than 26.7 million square feet of industrial space, Kevin Brennan, managing principal & head of Brennan’s Midwest Region, said in prepared remarks. Currently, the firm is working on a two-building campus outside of Indianapolis, expected to measure some 826,687 square feet. Completion is scheduled for this July.
Additionally, the company is redeveloping a 485,000-square-foot office building into a Class A industrial park. Located in Rolling Meadows, Ill., the property was formerly the Midwest headquarters of 3Com Corp.
According to the latest CommercialEdge industrial report, the Cincinnati metro saw some $645 million in industrial space transacted during the first eleven months of last year. The average price per square foot clocked in at $101, well below the $130 national average.
