CINCINNATI—One of the tightest industrial markets in the US is about to get some much-needed product. Hillwood, a Perot company, and Cincinnati-based developer and design-builder Al. Neyer recently acquired 49 acres in Hebron, KY, just across the Ohio River from Cincinnati, and plan to construct two speculative buildings at the Hebron Logistics Center on Litton Ln. The simultaneously built buildings will measure 589,244 square feet and 209,468 square feet.

This joint venture marks Hillwood's second development in Cincinnati's metro area. The company is a capital partner for Dermody Property's LogistiCenter@275, a 900,000 square foot distribution center completed in June. The structure was one of the largest ever built in the Hebron submarket, which has become an important national distribution center. Wayfair Inc., an online distributor of home furnishings and décor, agreed to lease the entire building before completion.

“We have had great success in this area and are eager to continue our investment in this market,” says Kurt Nelson, Hillwood's senior vice president and market leader. “Industrial volume in this region reached record highs in 2015 and we continue to see strong activity in 2016. The Cincinnati market has experienced considerable growth over the last few years, and we look forward to contributing to its future success.”