CINCINNATI—IDI, an Atlanta-based industrial real estate company, has just secured a 350,758-square-foot lease for Building 2 in the Park North at Monroe development in the Northwest Cincinnati submarket. Cornerstone Services, Inc., which operates e-commerce sites for high-quality lifestyle brands, will relocate from a temporary space in another city to accommodate their rapid growth and increase operational efficiency.
“We are proud of the partnership we've had with this client in the past and look forward to growing with them as Park North expands,” says Jeremy Kraus, vice president of leasing for IDI. “This business park has expansive development plans for the future, including 649,000-square-feet currently under construction to be delivered early in 2014.”
Park North at Monroe is a 440-acre master-planned distribution campus which can accommodate more than 4-million-square-feet of future development. The Park already has the Home Depot Rapid Deployment Center, a 657,600-square-foot facility. Building 2 still has 300,757-square-feet available.
“This is our third major transaction in the past 12 months with IDI's Cincinnati office, for a total of over 950,000-square-feet in deals,” says Mike Lowe, first vice president with CBRE, who represented Cornerstone Services, Inc. in the deal. “Building 2 provides Cornerstone with additional clear height, wider column spacing and the ability to accommodate heavy trailer traffic. The property also comes with a 100% tax abatement for the next 11 years.” Tim Schenke with CBRE also helped represent Cornerstone.
IDI officials say that since the market began improving from the recession in mid-2011, the company has started or delivered more than 12-million-square-feet of development in 11 states.
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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.
