Stan Johnson Company and EXAN Group closed the sale of an industrial property in Cincinnati for about $29 million.
The 134,000-square-foot building is located at 3191 Railside Ave. near the Cincinnati CBD and is fully leased to a Fortune 5 ecommerce company.
Craig Tomlinson and John Zimmerman of Stan Johnson Company represented the seller, Neyer Properties. EXAN Group represented the buyer, a discretionary Spanish commercial real estate group. The cap rate was not disclosed.
The site is part of a larger tract that Neyer had acquired in recent years from the city as part of its urban renewal efforts. The newly constructed ‘last mile’ delivery station facility sits on 22.5 acres on the riverfront near downtown providing easy access to the greater Cincinnati and Northern Kentucky areas.
“It’s a real win for the City of Cincinnati to see a such a high-profile user locate near the urban core”, said Tomlinson. “The investment market for e-commerce real estate is at an all-time high and we are pleased to be a part of this success story”.
Likewise, Juan José Zaragoza, managing partner and founder of EXAN, stated that the group plans to continue its aggressive acquisition strategy throughout the United States.