Molto Properties recently acquired 19.22 acres located in the Airpark International Business Park in Boone County, Kentucky.
The multi-phase development project will feature two Class-A industrial distribution buildings totaling more than 300,000 square feet. Molto will partner with the Paul Hemmer Company to construct the two buildings with Phase I (142,021 square feet) scheduled to be complete by the third quarter of 2018 and Phase II (160,984 square feet) by the third quarter of 2019.
The Cincinnati market has seen positive absorption for the last 26 consecutive quarters. In 2017, the 284-million-square-foot market absorbed about 6 million square feet. The record-high absorption level left the vacancy rate near an all-time low.
Molto has retained Jeff Bender and David Kelly of Cushman and Wakefield to market the project.
