CA Industrial Breaks Ground on 139,860-Square-Foot Warehouse Adjacent to Cincinnati/Northern Kentucky AirportJune 14, 2019
Chicago-based CA Industrial, the industrial investment and development division of CA Ventures, today announced it has started construction on CA Gateway, a 139,860-square-foot speculative Class A warehouse in the Gateway International Business Park, immediately west of the Cincinnati/Northern Kentucky International Airport.
The $9.7 million project, located at 2000 Gateway Blvd. in Hebron, Ky., marks CA’s first industrial project since launching CA Industrial, a new division that pursues speculative development and acquisition opportunities throughout the U.S. CA Gateway is a joint venture between CA Industrial and Diamond Realty Investments Inc. (DRI).
“We selected one of the best locations possible for an industrial building in the Cincinnati metro area,” said Jim McGill, executive vice president of industrial for CA Ventures. “The proximity to I-275 and the airport, where construction of the $1.5 billion Amazon Air hub is now underway, will be a big draw for users small and large, especially those that are part of the e-commerce supply chain.”
Planned for completion in the fourth quarter of 2019, CA Gateway fills the last developable site – nearly 10 acres in size – within the Gateway International Business Park. The facility is being built on a speculative basis, or without tenants lined up in advance, offering a flexible layout to accommodate either single- or multi-tenant users.
Building features include 32-foot clear heights, LED lighting with motion sensors, 14 loading docks (expandable to 31), a 125-foot truck court and 146 car parking spaces.
McGill noted that, according to Cushman & Wakefield’s Q1 2019 industrial market report, the vacancy rate in the Greater Cincinnati industrial market in the first quarter of 2019 was at a near-record low of 2.8%, and 7 million square feet of industrial space was absorbed in the market in 2018, the largest amount of positive net absorption since 2005.
“With Its central location and a number of major population centers accessible within a day’s drive, we’re confident that, once delivered, CA Gateway will lease up quickly,” he said.
About CA Ventures:
CA Ventures LLC is a Chicago-based real estate investment holding company whose international portfolio includes $8.6 billion in assets throughout the U.S., Europe and Latin America. While initially focused on student housing, CA Ventures has since diversified into other sectors, including office, senior lifestyle, multifamily, hospitality and industrial. In addition to development and renovation, the firm specializes in institutional joint ventures; value-add investing; equity and debt sourcing; and asset management services. CA Ventures serves as the holding company for the CA family of companies, including CA Student Living, CA Office / Vanderbilt Partners, CA Senior Living, CA Residential, CA Industrial, CAV International and CA Hospitality. For more information, visit www.ca-ventures.com.