DCT Industrial Trust Acquires 301 KSF Asset
- Oct 12, 2016
Cincinnati—DCT Industrial Trust, a top industrial real estate company, has announced the acquisition of a 301,000-square-foot building located in the Northwest submarket of Cincinnati. The property offers functional space with ESFR sprinklers and 24 to 28-foot clear height. The excess acreage adjacent to the building could be used for expansion, additional trailer parking or outside storage.
“We are very excited about the addition of this building to our Cincinnati portfolio. It was our team’s ability to act quickly and decisively that allowed us to acquire this exceptional asset in an off-market value creating transaction,” Mike Meyers, DCT Industrial vice president, said in a prepared statement.
At the time of sale, the property was 60 percent occupied. The vacant portion of the building is currently being marketed for lease by Mike Lowe and Doug Whitten of CBRE.
“We are looking forward to working with DCT to lease the remaining 121,000 square feet of the building,” said Doug Whitten, first vice president at CBRE.
DCT Industrial is an industrial real estate company specializing in the ownership, acquisition, development, leasing and management of bulk-distribution and light-industrial properties in high-volume distribution markets in the U.S. According to CBRE Research, Cincinnati continues to be one of the tightest industrial markets in the country, with a current vacancy rate of 4.7 percent.
Image courtesy of CBRE