Dermody Properties has commenced construction on its second industrial facility near the Cincinnati/Northern Kentucky International Airport (CVG) in Hebron, Kentucky. The new e-commerce compliant facility, known as LogistiCenterSM at 275 #2, is located at 3521 Point Pleasant Road.
Dermody Properties expects the 264,000-square-foot building to be complete in May of 2017. Upon completion, LogistiCenterSM at 275 #2 will feature 32-foot clear height, 27 dock doors, 228 car-parking stalls and 70 trailer stalls. Hillwood, a Perot Company, is Dermody Properties’ strategic financial partner on the project.
LogistiCenterSM at 275 #2 is the second phase of a two-phase project in the northern Kentucky market for Dermody Properties and Hillwood. Last year, the companies completed Phase 1, an 898,560-square-foot fulfillment center, known as LogistiCenterSM at 275 for Wayfair Inc. (NYSE:W), one of the world’s largest online destinations for home furnishing and décor. Dermody Properties and Hillwood leased both sites from CVG.
LogistiCenterSM at 275, Building #2
“We are pleased to partner again with Hillwood and CVG to develop our second facility in northern Kentucky,” said Gregory Arnold, partner, Dermody Properties. “The development of Wayfair’s new facility last year was a great accomplishment and we look forward to working with Hillwood and CVG again to replicate that success. Dermody Properties’ best development practices, combined with our excellent partners and the site’s strategic location will result in a superior industrial facility for a future tenant.”
“It’s great to work again with the Dermody Properties team,” said Chris Brown, Senior Vice President – Joint Ventures, Hillwood. “We are excited about the continued growth and steady demand for industrial space in the market. Both Hillwood and Dermody Properties are committed to developing quality projects that promote economic growth for the area by attracting new or expanding companies, creating jobs and growing the local tax base.”
Located in the Greater Cincinnati market, an area with more than 227 million square feet of industrial space, LogistiCenterSM at 275 #2 is ideally suited for e-commerce, manufacturing and distribution operations. Just minutes from I-75/71 and I-275, the facility is surrounded by national companies including Amazon, DHL, General Electric, Levi Strauss, Toyota and Wayfair. The facility's proximity to the I-75 corridor and DHL’s international air shipping hub provide key advantages for companies' supply chain strategies.
“We’re eager to see the completion of this new project by Dermody Properties and Hillwood,” said Candace McGraw, chief executive officer, CVG. “These kind of projects create win/win/win opportunities for the airport, the community and developers. The airport receives new revenue streams, which lowers the cost of operations for airlines and tenants, the community sees job growth and economic development, and Dermody Properties and Hillwood have access to over 75 percent of the U.S. population within 600 miles of the airport."