Si Pitstick, executive managing director, and Josh Young, senior managing director, with Newmark Grubb Knight Frank have received the Most Outstanding Transaction of 2015 award presented by The Commercial Real Estate Council of Greater Cincinnati. The award was announced in CRECC’s 2015 Top Producer’s Club announcement in January.
Pitstick and Young were awarded for completing a lease expansion and renewal on behalf of ownership to Humana Pharmacy, Inc. totaling 280,000 square feet at 9841-9845 Windisch Road in West Chester, Ohio.
Humana’s lease, set to expire in 2015, was extended by 10 years with a 140,000-square-foot extension, doubling the firm’s space. Humana’s extended lease was only possible as part of a larger, complex transaction that included the negotiated termination of the adjacent tenant’s (Crescent Logistics) lease. That tenant was occupying about 140,000 square feet through part of 2019.
By accommodating Humana’s expansion needs despite the considerable obstacles, Pitstick and Young ensured that a major tenant not only remained in the submarket but also doubled in size with a commitment of 10 years. As a result, the local market retained 300 to 400 jobs, with up to an additional 200 new jobs to be added.
9841-9845 Windisch Road is a 282,466-square-foot distribution facility. Built in 2007, the property features 32-foot ceilings, modern tilt-wall construction, an ESFR sprinkler system, high-efficiency lighting and excellent visibility from Interstate-75. Located in West Chester Township, 9841-9845 Windisch Road is part of the Tri-County industrial submarket.
