CINCINNATI, OH-A 100-acre golf course along Interstate 71 in Deerfield Township will be transformed into a corporate center by a joint venture between Dallas-based Koll Development Co. and the landowners.
Operated as the Kingswood Golf Course for the past 30 years, the property is one of the last major tracts of land with significant exposure to I-71. It is located adjacent to publicly traded Duke Realty's mixed-use development called Governor's Point.
Koll VP Jeffrey Stidham tells GlobeSt.com he expects to have his first build-to-suit project underway within 12 months despite the generally soft marketplace. He's confident because he expects to find work not only from owner-users already in the Cincinnati market but also from the company's existing clients that aren't yet in the Cincinnati market.
As evidence of the company's ability to find work in a soft market, Stidham says Koll just started a 400,000-sf build-to-suit for a client in Dallas, TX. “A soft market doesn't help anyone in RE industry,” says Stidham, “but because we are known as a build-to-suit developer for corporate office users, we're optimistic that we will find users.”
The leasing assignment has been handed exclusively to broker Andy Mauk of the Cincinnati office of St. Louis-based Colliers Turley Martin Tucker. Stidham says they are indeed talking with “one or two” large users that would take the entire golf course but the more likely scenario is one where more companies bite off smaller chunks. Stidham says that all the entitlements are in place such that a user could occupy a build within 11 months of contract execution.
The property has approximately three quarters of a mile of I-71 exposure and is near retail, hotels and restaurants. The plan is for Kingswood Corporate Park to capitalize on the growing environment for large corporate users in the area. Mauk says over the past several years, large corporate facilities have been developed in the cities of Mason and Deerfield Township for the likes of Procter & Gamble, Anthem, Harris Corp. and, most recently, Clopay Corp.
The landowners are Don and Arla Likes. The Likes also own the Greentree Golf Course in Warren County, which is where they plan to focus their attention when Kingswood is shut down for the redevelopment.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
