Wayfair Fulfillment Center Named Industrial Deal of the Year by NAIOP
A new fulfillment center that Dermody Properties, a national industrial development company headquartered in Reno, Nev., and Hillwood Investment Properties are developing for Wayfair Inc. (NYSE:W) was recently named the Industrial Deal of the Year by NAIOP’s Cincinnati/Northern Kentucky Chapter (NAIOP).
The 898,560-square-foot facility, known as LogistiCenterSM at 275, was recognized at NAIOP’s annual Night of the Stars awards, where the chapter honors developers and projects that have made significant impacts on the community.
LogistiCenterSM at 275 is one of the largest recent developments in the region and will bring new jobs to the area. It will complement Wayfair’s current fulfillment center in Hebron, Ky., allowing the company to increase its distribution capacity. Wayfair currently employs more than 200 people in its Hebron facility and looks forward to creating additional jobs in northern Kentucky to staff its new fulfillment center.
“LogistiCenterSM at 275 is a significant project for Dermody Properties and for the region,” said Gregory Arnold, Partner, Dermody Properties. “We are honored that the hard work of our team members, Hillwood, CVG and all of our partners was recognized by NAIOP.”
Dermody Properties and Hillwood broke ground on the facility, which is located on a site adjacent to the Cincinnati/Northern Kentucky International Airport (CVG) in October. Dermody Properties and Hillwood leased the 52-acre site from CVG earlier this year.
David Kelly of Cushman & Wakefield served as Dermody Properties’ broker and Jeff Bender of Cushman & Wakefield and Jon Varholak of Transwestern served as the brokers for Wayfair. Paul Hemmer Company is the general contractor on the project, which is expected to be complete in the second quarter of 2016.
“Many key people and organizations in the Cincinnati community came together to make this project happen, and needless to say we’re very pleased with the results,” said Douglas A. Kiersey, Jr., President, Dermody Properties. “The Cincinnati/Northern Kentucky region is a key market for distribution, especially for e-commerce fulfillment, and we look forward to developing more projects in the area as opportunities arise.”