Hillwood, a Perot company, and partner, Cincinnati-based developer and design-builder Al. Neyer, is in the final planning stages on Aero Commerce Center, a bulk distribution center located on 55 acres at the corner of KY-18 and Aero Parkway in Florence, Kentucky directly south of Cincinnati/Northern Kentucky International Airport (CVG). The building will feature more than one million square feet of 36 foot clear, Class A industrial space upon completion. The site will include 589 automobile parking spaces and up to 259 trailer parking spaces.
“We are pleased to begin developing this strategic and well-located asset. Together with our joint venture partner, Al. Neyer, we look forward to meeting the demand in the Northern Kentucky industrial submarket,” said Todd Blanton, Hillwood’s marketing director for the region.
Mike Lowe, senior vice president with CBRE, will represent Hillwood in leasing efforts. “This is the premier industrial opportunity in the region for companies needing access to the rest of the Midwest,” said Mr. Lowe.
Aero Commerce Center is ideally situated to enhance distribution and supply-chain networks, with direct access to nearby air cargo hubs, the greater Cincinnati market, and surrounding Midwest. It is located among one of the most robust interstate highway systems with convenient access to I-71, I-75, and I-275.
“Based on our previous successes with similar developments, I am confident that this facility will positively impact the region and its local economies as our others have,” said Kurt Nelson, senior vice president and market leader in Cincinnati. “In the past, we have been able to attract industry-leading corporations, and we are confident that we will do the same with Aero Commerce Center.”
The Cincinnati industrial market has been on a historic run, with record-low vacancy rates, growing rents, and increased investor demand.
“We have seen an unprecedented amount of activity in Cincinnati’s industrial market in recent years, and users continue to look to expand,” said Lowe. “We expect this activity to continue for the foreseeable future, and few locations will provide opportunity similar to Aero Commerce Center.”
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.