CBRE Set to Market and Lease Phase II Buildings Following Successful Leasing of Initial Phase I Building
Cincinnati – September 2, 2021 – Core5 Industrial Partners announced today that Phase II of the Core5 Industrial Partners speculative multi-building industrial project is scheduled to break ground in the third quarter of this year in Elsmere, Kentucky.
Phase II will feature two buildings totaling 869,308-square-feet. Building 2 offers 585,064-square-feet of cross-dock capability for larger tenants while Building 3 will offer 284,244-square-feet of single-loaded space, creating leasing opportunities for smaller end-users. Phase II follows the successful leasing of the Phase I -- 839,931-square-foot C5 Airport East Logistics Center Building 1 to Diversey, Inc. at 7900 Foundation Drive. This building is scheduled to be completed in Q1 2022.
Doug Armbruster, Core5’s Senior Vice President of the Midwest Region, is leading the development.
“We are excited to start Phase II of this project. We are proud to be developing in the city of Elsmere and Kenton County. Combining exceptional infrastructure with strong community partnerships is key to our success, and this location in Elsmere provides almost immediate access to the CVG cargo hubs as well as a strong labor market in a close-in infill location."
CBRE’s Doug Whitten represented Core5 Industrial Partners during the Phase I leasing and will be responsible for the marketing and leasing of all future buildings at the site.
“This project represents an amazing opportunity for companies to operate in innovative and ultramodern speculative industrial facilities with a fantastic level of access to the greater Cincinnati and Northern Kentucky markets,” said Whitten. “Speculative facilities with this type of access to quality labor are hard to find and we are seeing ever-increasing demand for high-quality facilities in this area. We expect the future phases of the project to draw interest from a variety of manufacturers, e-commerce and logistics companies that are looking to fortify their supply chain capabilities in the Midwest.”
The site is strategically located 2.5 miles from Interstates 75 and 71 and provides convenient access to CVG International Airport.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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.
By: Tom Bailey, Daily Memphian
An Atlanta firm that develops industrial real estate will “immediately” start building a 957,400-square-foot warehouse in its new industrial park at Miss. 302 and I-269 in Marshall County, Mississippi.
The cross-dock facility, “Building D,” will be the first of five buildings totaling 3 million square feet that Core5 Industrial Partners will erect on the 221 acres it acquired at the highway junction southeast of Memphis, according to a press release from the company.
The new industrial park is named I-269 Logistics Center. The first building is scheduled to be completed early next year, and can be expanded to 1.74 million square feet. The facility will feature 40-foot-tall, clear ceilings, which is the space a tenant can use to store products on racks. The facility will accommodate parking for 391 trailers and 597 automobiles.
Lisa Ward, senior vice president and managing director for Core5, said in a release, “Located at Highway 302 and I-269, the property provides outstanding highway visibility and access coupled with easy proximity to the Memphis rail line which is the third most-connected rail center in the world.
“Memphis is one of only three cities to have five Class I railroads — Norfolk Southern, BNSF, CN, Union Pacific, and CSX. This will be an ideal facility for e-commerce fulfillment,” Ward said. Read More123…32Next »
February 22, 2019 - Core5 Industrial Partners sold a 581,475-square-foot warehouse at the 173-acre Desoto 55 Logistics Center in Horn Lake, Mississippi, to O'Reilly Automotive Stores for an undisclosed price. The Class A, single-story structure at 1241 Commerce Drive comprises 113 loading docks, four drive-in bays, 56- by 50-foot column spacing and a 36-foot clear ceiling height. Developed by the seller in2018, the 4-Star property is less than six miles from Memphis International Airport. Core5 plans to develop three final buildings totaling 1.5 million square feet at Desoto 55 Logistics Center. The facilities are slated to deliver in the last quarter of 2019. Core5’s Senior Vice President and Managing Director Lisa Ward said in a statement, “The two key factors considered by logistics operators is immediate access to transportation infrastructure and access to a qualified labor pool. DeSoto 55 Logistics Center offers unparalleled access to both.”
Headquartered in Atlanta, Core5 has developed 10 million square feet of commercial space since its launch in 2015, according to its website. The firm plans to develop an additional 10 million square feet in 2019. Daniel Wilkinson and Allen Wilkinson at Colliers International, along with Brad Kornegay at Colliers Management Services, represented the seller, and will continue to handle marketing and leasing for DeSoto 55 Logistics Center. Elliot Embry with NAI Saig represented the buyer in the transaction.
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