INDIANAPOLIS, IN--(Marketwired - January 23, 2017) - Becknell Industrial announced today that it has fully leased its speculative warehouse building in West Chester, Ohio less than six months after construction began. Kosei, a North American distributor of aluminum wheels to the OEM market and after-market, will occupy the remaining 48,000 square feet in Building E at Port Union at Union Centre. Founded in 1950, Kosei's customers currently include the Honda and Toyota Motor Corporations.
"Becknell is pleased to partner with Kosei as they expand their footprint in North America. This location provides them with excellent visibility in space designed to accommodate their growth," said Katrina Cupp, Assistant Vice President - Investments for Becknell. "Becknell now owns three buildings in Cincinnati and we continue to actively pursue additional build-to-suit and speculative development opportunities and acquisitions."
Tony Sorgi, Senior Consultant of Plante Moran CRESA represented Kosei in this transaction and CBRE's Jeremy Kraus, vice president, represented Becknell.
The Greater Cincinnati Industrial market closed the year with record net absorption and ended with over 5.3 million square feet of positive net absorption, the most net absorption since 2005, according to CBRE Research. Additionally, the market saw 4.6 million square feet of construction completions, 78 percent were speculative.
"Demand for industrial space in Greater Cincinnati, particularly bulk warehouse space, continues to be very strong," said CBRE's Kraus. "We expect the strong market dynamics to continue into 2017."
As previously announced, Polymet Corporation will occupy 90,750 square feet of the 138,750 square- foot building scheduled for completion early spring. Port Union E includes 28 clear height, ESFR sprinkler system, 130' truck court with 60' concrete apron and high efficiency building systems. The building will also include 14 docks and two drive-in doors.
Located in the southeastern corner of Ohio about 18 miles north of downtown Cincinnati, Port Union is ideal for distribution, warehouse and manufacturing as it provides great corporate visibility and is located only 35 miles from the Cincinnati/ Northern Kentucky International Airport.
About Becknell Industrial
Becknell Industrial specializes in the development, investment and management of industrial properties across the United States. The company currently owns interests in 147 properties totaling nearly 18 million square feet. Vertically integrated, Becknell is responsible for every aspect of the project providing the decision-making authority and expertise to meet client expectations for a high-performance facility delivered on time and on budget. More information about Becknell is available at www.becknellindustrial.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.