L.A. Investor Buys Big
- Jul 28, 2015
Out-of-state investors just can’t stay away from Cincinnati. This month, a Los Angeles-based private investor has expanded its presence in the region with the acquisition of a large industrial facility.
At the start of July, LeSaint Venture L.L.C., an affiliate of Cohen Asset Management Inc., announced the acquisition of an industrial building located at 8878-8910 Le Saint Drive in West Chester Township. The company did not reveal how much it paid for the institutional-quality asset, but the Cincinnati Business Courier recently reported that the price was $29 million.
Cohen’s new acquisition is a 700,000-square-foot building located on a 36-acre site. According to the Business Courier, the property is fully leased to tenants that include KAO USA Inc., a subsidiary of KAO Corp., a Tokyo-based beauty-care brands manufacturer, and Dawson Group Inc. KAO has occupied the location for about 15 years.
The new owners did not immediately reveal their plans for the buildings, but Brandon Delf, Cohen’s executive vice president & chief investment officer, said in a statement that his company will continue to look for new properties that “possess superior locations and functionality for the markets they serve.”