Dermody Properties and joint-venture partner Hillwood Financial investment Characteristics will certainly develop an 898,560-square-foot logistics facility alongside the Cincinnati/Northern Kentucky International Airport (CVG) for e-commerce business Wayfair Inc.
. The JV leased the land website from the airport earlier this year for the facility on 52 acres at 1600 Donaldson Road in Erlanger, KY, to be called LogistiCenterSM at 275. The task, Dermody’s 3rd in the Kentucky market, is slated for completion in the 2nd quarter of 2016.
The task is grand of scale on all levels. Not just is LogistiCenterSM at 275 the biggest single advancement by square footage in Dermondy’s history, it will be one of the largest developments in the region and the largest-ever speculative advancement at Cincinnati/Northern Kentucky airport.
Boston-based Wayfair (NYSE: W), which went public in 2013, is one of the world’s biggest online home furnishings and decoration sellers. The new fulfillment center will complement Wayfair’s current distribution center in Hebron, KY, allowing the company to enhance its distribution capacity.
The logistics center is the second joint endeavor for Dermody Characteristic and Hillwood, which are likewise teaming up on a speculative advancement in Las Vegas arranged for completion in October.
“We are encouraged by the momentum we are seeing in many storage facility markets throughout the country, and specifically the Cincinnati market,” said Chris Brown, Hillwood senior vice president.
DTZ acted as the tenant representative broker for Wayfair. Paul Hemmer Co. is the general professional on the task.