Vandercar Starts Second 650,000-SF Warehouse

The developer is putting up the walls of the speculative building starting today, says Dave Noonan with Colliers Turley Martin Tucker. He is representing the park in its lease. Noonan tells GlobeSt.com that he's been surprised at the level of interest in the spec property, which should be finished by Sept. 1. "We've been inundated with proposals, from 300,000 sf to 900,000 sf," he says. "I don't know if that means it's a good market, but we have a lot of interest here, probably because of the tax incentives. Any tenant of any size gets a 100% real estate tax abatement for 15 years, that's not offered anywhere else near the highway." The project is going up along Interstate 75, between Cincinnati and Dayton.

He says the Home Depot facility is being built to high-tech specifications. "It's going to be a rapid deployment center, there is several of them being built around the country. It's going to be a really efficient way to get trucks in an out of the warehouse, and help shorten the supply chain. It's a highly mechanized system." The Home Depot facility will be worth about $33 million, and the spec building will likely be worth close to that, though it won't have the extra equipment, of course, Noonan says.

There's still enough space for another six million sf of development on the 429-acre site, he says. "We've got enough interest," Noonan says. "If someone wanted to be up in a building in a year, we could start a new one now. Of course, interest and actual deals are two different things. Right now we just have one company signed, and that's Home Depot."

The park is going up next to the $100 million Cincinnati Premium Outlets center, being built by Chelsea, a division of Simon Property Group. The two projects are benefiting from a $60 million I-75 interchange and highway widening.