Cassidy Turley Awarded 7.4 MSF Leasing Assignment for ProLogis in Cincinnati
- Aug 02, 2011
August 2, 2011
By Nicholas Ziegler, News Editor
Cassidy Turley is ramping up its Midwest efforts of late. Hot on the heels of a 7.8 million-square-foot deal for IndCor in that area of the country announced earlier this month, the commercial real estate services provider landed a 7.4 million-square-foot industrial portfolio in the Greater Cincinnati and Northern Kentucky areas for ProLogis.
“We’re very pleased with the arrangement we’ve made with Cassidy Turley as we move towards a new leasing model,” said Brian Marsh, senior vice president of ProLogis. “Their team approach, market leasing experience, collaborative vision and commitment to continuity sealed the deal.”
And there looks to be a lot of activity in the area to account for. According to a Jones Lang LaSalle report, since peaking in January 2011 at 10 percent, Cincinnati’s unemployment rate has fallen considerably. April 2011 figures showed a 0.5 percent decline from the previous month to 8.4 percent. Year-over-year gains in the manufacturing and education/health care sectors have been driving the local economy. Further, improving fundamentals for the outlook for the North American industrial sector look to be driving a rebound in capital markets — creating windows of opportunity for landlords. While major markets retain much of the scale country-wide, stronger leasing activity is filtering down to the next tier of American cities, especially those with the logistics and distribution infrastructure to service regional populations.
In order to best serve the new contract, Cassidy has brought on a new vice president for the area, David Kelly. “We have a long history and solid relationship with Prologis in Greater Cincinnati,” said Jeff Bender, principal and senior vice president at Cassidy Turley. “We are very pleased that Prologis views us as a trusted partner and we are thrilled to have Dave Kelly on our team.”