CINCINNATI, OH--(Marketwired - November 21, 2016) - Becknell Industrial announced today that it has leased a portion of its speculative warehouse building currently under construction in West Chester Township, a northern Cincinnati community. Polymet Corporation, a world-class manufacturer of high performance wire for hardfacing, welding and thermal spraying, will occupy 90,750 square feet. The 138,750 square-foot building is being built on a 9.1-acre site and is scheduled for completion early next year.
Polymet will consolidate two of its West Chester operations to the new Port Union E location, according to Bill Mosier, president of Polymet Corporation.
"Our new facility will not only make our operations more efficient but will also facilitate future growth," Mr. Mosier said. "Polymet has been in operation in the West Chester area for 50 years and we could not be more excited to celebrate with a new, bigger facility."
"Becknell is excited that Polymet has chosen to consolidate their operations in our Port Union E project," said Katrina Cupp, Assistant Vice President - Investments for Becknell. "The building provides the tenant with a modern, state-of-the-art real estate solution in a high-visibility location. We look forward to a long-term partnership with Polymet."
Port Union E on Union Centre Boulevard includes 28′ clear height, ESFR sprinkler system, 130' truck court with 60' concrete apron and high efficiency building systems. The building will also include 14 docks and two drive-in doors. The remaining 48,000 square feet at Port Union E is currently available for lease.
West Chester Township is located in the southeastern corner of Ohio about 18 miles north of downtown Cincinnati. Three interstate highway systems (I-75, I-74, and I-71) and two interstate-connectors (I-275 and I-471) serves the Cincinnati region providing excellent highway access. Part of a master-planned industrial center ideal for distribution, warehouse and manufacturing, the park provides great corporate visibility and is located only 35 miles from the Cincinnati/ Northern Kentucky International Airport.
After a strong first three quarters, 2016 is on pace to be a record-breaking year for the Cincinnati industrial market. According to CBRE research, Q3 2016 closed with over 1.5 million square feet of positive net absorption and 3.3 million square feet of construction completions, 82 percent of which was speculative bulk warehouse.
CBRE's Robert Bunton, Vice President, represented Polymet in this transaction. CBRE's Jeremy Kraus, Vice President, represented Becknell and is currently marketing the remaining 48,000 square feet for lease.
About Becknell Industrial
Becknell Industrial specializes in the development, investment and management of industrial properties across the United States. The company currently owns interests in 145 industrial properties totaling 17 million square feet. Vertically integrated, Becknell is responsible for every aspect of the project providing the decision-making authority and expertise to meet client expectations for a high-performance facility delivered on time and on budget. More information about Becknell is available at www.becknellindustrial.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.