CINCINNATI—The Opus Group has just started construction on two speculative industrial buildings at Port Union Commerce Park in Cincinnati's metro area. Founders Properties, LLC will own the buildings, which will sit on 46 acres and total more than 800,000-square-feet of space. The Minneapolis-based Founders recently bought the land, along with two other industrial buildings at the park in suburban Fairfield and West Chester, from DCT Industrial Trust Inc. for about $42 million.
“The local market is extremely tight for spaces for modern industrial distribution, so we're already seeing encouraging activity,” says Douglas J. Swain, vice president and general manager for Opus Development Company, LLC. “We're excited to bring new products with the ability to accommodate multiple tenants to the Cincinnati area.”
Industrial users in the greater Cincinnati market have performed quite well in the past year, with bulk warehouses leading the way. According to a recent report by CBRE, bulk warehouses had a vacancy rate of just 4.8% at the end of the third quarter. Furthermore, the industrial market had seen 3.4-million-square-feet of absorption in the first three quarters.
Located near the intersection of State Rte. 747 and Port Union Rd., Buildings 1 and 3 will provide tenants with quick access to I-275 and I-75. The developers expect to complete construction in September 2015, giving the park a total of four buildings.
“We're confident in the market for industrial warehouse space,” says Andy Finn, vice president of acquisitions and investments at Founders. “The combination of low vacancy rates and strong demand for this type of space is very promising.”
Located at 4250 Port Union Rd., Building 1 will have 260,000-square-feet with 28' clear height, 25 dock doors and two drive-in doors. Located at 4350 Port Union Rd., Building 3 will have 547,000-square-feet with 32' clear height, 60 dock doors and four drive-in doors. Both will feature 60-foot deep trailer storage in the truck courts, abundant car and trailer parking, as well as ESFR sprinklers and T-5 fluorescent lighting.
Opus Development Company, LLC is the developer, Opus Design Build, LLC is the design-builder and Opus AE Group, LLC is the architect and structural engineer of record. Mike Lowe and Doug Whitten of CBRE will handle leasing.
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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.
