Buyers Snap Up Distribution Centers Near Cincinnati, Dayton
- Jul 05, 2015
Out-of-state investors have picked up two industrial facilities in the Greater Cincinnati and Dayton areas. Between them, the properties commanded more than $24 million.
According to the Dayton Business Journal, Boston-based Stag Industrial paid $9.1 million to buy the Bon-Ton distribution center in Fairborn. The 260,000-square-foot property is located at 1340 E. Dayton-Yellow Springs Rd.
The newspaper also reported that the facility will continue to operate as a Bon-Ton distribution center. The York, Pa.-based company is one of the city’s largest employers; about 180 people work at Stag Industrial’s newly acquired property. However, Chris Wimsatt, the city’s economic development director, told the Dayton Business Journal that the facility will lose 50 of those workers when the company opens a new distribution center in West Jefferson. Even so, Bon Ton will remain one of the city’s largest employers.
Also under new ownership is an industrial facility in Hebron, Ky. The Cincinnati Business Courier reports that an affiliate of Denver-based EverWest Real Estate Partners paid $15 million for the warehouse building at 1260 Aviation Blvd. The deal closed in May. VanTrust Real Estate L.L.C. was the seller.
EverWest’s new 274,000-square-foot warehouse opened in the summer of 2014. It is located less than a mile from Interstates 71, 75 and 275, and close to Cincinnati / Northern Kentucky International Airport. It is currently home to the United Parcel Service. Tom Karbowski, managing director of acquisitions for EverWest, told the Business Courier that his company was attracted by the property’s location, tenant and quality.
Photo credit: www.vantrustrealestate.com