CINCINNATI—The Atlanta-based IDI, an industrial real estate company, has just secured a 176,000-square-foot lease at the Park West Building N2 in their Park West International complex in Hebron, KY, just across the river from Cincinnati. Perfetti Van Melle USA Inc. will relocate within Park West from Building L2 to Building N2 due to the latter building's cross-docking facilities.
Perfetti manufacturers candy under brands like Airheads and Mentos. Once Perfetti moves in, tenants will occupy the entire N2 building.
“The logistical advantages of Park West International are hard to beat,” says Jeremy Kraus, vice president of leasing for IDI, “there is access to a strong workforce and distribution network, including DHL's super hub at the Cincinnati/Northern Kentucky International Airport.”
Josh Young of Cushman & Wakefield | Cincinnati Commercial, REALTORS® represented Perfetti in the deal and Doug Armbruster represented IDI.
iHerb.com occupies the remaining 211,200-square-feet in Building N2. The Park West International complex has 18 buildings with 6.1-million-square-feet of distribution space spread across roughly 400 acres.
The property sits within a Foreign Trade Zone area, within 5 miles of the airport and 15 minutes from downtown Cincinnati. The industrial market around the airport has lately shown a good deal of strength, at least when it comes to leasing activity. By the end of this year's second quarter, the industrial vacancy rate had shrunk to just 4.89%, according to data from Colliers International. The industrial vacancy rate for the entire Cincinnati metropolitan area was 7.85%, down from 8.12% after the first quarter.
“The biggest challenge will be the limited supply of high-quality bulk industrial space that is available in our market,” Colliers adds. “As the limited product continues to decline, it will be an opportune time for a major developer to take a chance on speculative construction and meet market needs.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
