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Thursday, August 14, 1997INDUSTRY NOTES: REAL ESTATE Corporex sells parcel to Verst
The Cincinnati Enquirer
Corporex has sold 20 acres of land in its 130-acre Gateway Business Park to Verst Group Logistics.
Verst, a Walton-based transportation, warehousing and inventory control services provider, plans to build a 200,000-square-foot distribution center, which Corporex's construction arm, CPX Construction, will design and build.
Tom Powers of CB Commercial represented Verst in the deal, which is the first sale for the Corporex park, located off State Route 237 about a mile from I-275.
Tom Banta, senior vice president of Corporex Development Services, said the company expects to fill the rest of the park with six to seven additional buildings on a build-to-suit basis.
Mr. Banta said the flat expanse of property is unique in Northern Kentucky's hilly terrain.
"I believe it's the one spot in Northern Kentucky where you could economically build a 1 million-square-foot building," Mr. Banta said.
Once completed, the business park will consist of about 2.5 million square feet of space, valued at more than $180 million.
William J. Verst, president of Verst transportation, said company growth has mandated the expansion. That growth was recognized by Kentucky Gov. Paul Patton, who attended a ribbon-cutting ceremony for Verst's new corporate center at 300 Shorland Drive in Walton. The company moved last week to the 250,000-square-foot building built by the Miller-Valentine Group.
Duke Realty Investments Inc. leased, renewed leases or expanded leases totaling nearly 169,000 square feet in July, the company said.
The new leases with more than 5,000 square feet include: Alliance Cincinnati, 18,091 square feet at 4660 Governor's Pointe, Suite 305; Access Corp., 9,600 square feet at Southpark Business Park, 1971 International Way; ITT Automotive, 19,200 square feet at Southpark Business Park, 1961 International Way.
Duke also leased 20,305 square feet in Blue Ash's Cornell Commerce Center to Wesley Electric & Supply Inc. This is the heating and cooling wholesaler's first move into Ohio. It has six locations in Kentucky, said V. Snowden Armstrong, the West Shell Commercial - ONCOR broker who represented Wesley.
CB Commercial Real Estate Group Inc. has expanded to the Dayton market. It opened an office in the Washington Park Office Complex at 7887 Washington Village Drive.
Brad Humrighouse will oversee the Office Division in Dayton, and Bruce McConnell will head up the Industrial Division.
Also, CB Commercial said it expects to have a definitive merger agreement with Koll Real Estate Services by late August. After the merger, Debbie Ripley, from Koll, will continue to handle retail leasing and Debbie Cassady will continue to handle property management and some office and retail leasing.
Bunnell Hill Construction has started building a $900,000, 30,000-square-foot expansion for JBM Envelope Co. in Lebanon. The project will double the size of JBM's 3-year-old plant in the Lebanon Commerce Center, near I-71 and State Route 48. The expansion is scheduled for completion in September.
West Chester's Kleingers and Associates are the civil engineers, Butler County's JLS Architecture is the architect and Steven Schaefer & Associates of Northside are the structural engineers.
Lebanon Commerce Center includes more than 500,000 square feet of office and manufacturing space. The original 800 acres was developed by Henkle-Schuler & Associates, and the remaining 800 acres are being developed by Bunnell Hill Development Co. Inc. There are building sites of five to 40 acres available.
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