JLL Capital Markets has closed the $51.3 million sale of Capital Center Industrial Park, a 14-building portfolio of light industrial assets totaling 896,523 square feet in Cincinnati, Ohio.
JLL marketed the property on behalf of the seller, Dalfen Industrial. TradeLane Properties purchased the asset.
The portfolio properties compose the 43.54-acre Capital Center Industrial Park, which is 93.5 percent leased to 65 diverse tenants of varying unit sizes. Mostly completed in the 1970s, the portfolio has been institutionally maintained for decades and has received substantial capital improvements over time. It is located at the crossroads of Interstates 275 and 75 in the Tri County Industrial Submarket, a popular submarket known for its proximity to downtown Cincinnati.
JLL Research’s Q4 Industrial Outlook report details that, despite the disruptions the pandemic caused in day-to-day business operations, the Cincinnati industrial market continued to fare well last year. E-commerce, traditional retailers and 3PL companies remain the biggest demand drivers within the market, keeping leasing velocity steady throughout 2020. Transaction activity in the fourth quarter took place largely in the Florence/Richwood and Tri County Industrial submarkets.
The JLL Capital Markets team representing the seller was led by Senior Managing Director and Co-Head of JLL’s Industrial Capital Markets group John Huguenard and Senior Director Kurt Sarbaugh. Executive Vice President Mark Volkman also assisted on the project.
“Cincinnati has become a truly dynamic industrial market, evidenced by the quality of the buyer pool that showed up for this offering,” Sarbaugh said. “The CVG airport is one of the largest cargo airports by volume in the country, and the city is located within a day’s truck route of more than half of the U.S. population.”
