Molto Properties announces the acquisition of 19.22 acres located in the Airpark International Business Park in Boone County, Kentucky.
The multi-phase development project will feature two state-of-the-art Class A, industrial distribution buildings totaling over 300,000 square feet. Molto will partner with the Paul Hemmer Company to construct the two buildings with Phase I (142,021 square feet) scheduled to be complete by Q3 2018 and Phase II (160,984 square feet) by Q3 2019.
“The close proximity of this site to the Cincinnati/Northern Kentucky International Airport and Interstate 275 makes this development attractive to regional and national distributors,” stated Todd Naccarato, Managing Principal and Founder of Molto Properties. “We are excited to enter the Cincinnati market with Paul Hemmer Company, which is recognized as one of Greater Cincinnati’s premier providers of construction services.”
The Cincinnati market has seen positive absorption for the last 26 consecutive quarters. In 2017, the 284 million square foot market absorbed approximately 6 million square feet. The record high absorption level left the vacancy rate near an all-time low.
Molto has retained Jeff Bender and David Kelly of Cushman and Wakefield to market the project.