04 Apr 2023 CoStar Impact Award Given for IDI Logistics’ Lease
Lease of the Year Awarded for 1.1 MSF Deal at Park South at Richwood, Building B
On June 1, 2022, IDI Logistics signed Commonwealth Inc., full-service, third-party logistics company, to a lease at Park South at Richwood, Building B in Walton, Kentucky. This deal has been recognized as the of Lease of the Year in the 2023 CoStar Impact Awards, as judged by real estate professionals familiar with the market.
The industrial property was built in 2019 and is located 15 miles south of Cincinnati along Interstate 71 and I-75. The Class A building features 40-foot clear heights, 530 parking spaces, an ESFR sprinkler system, 106 docks and four drive-ins on a 62-acre lot.
Jeremy Kraus, executive vice president at CBRE, said signing Commonwealth to a lease at Park South at Richwood led “ultimately to the largest industrial lease in the region, which is a fantastic outcome for all the parties involved.”
Commonwealth was founded in 1985 in Cincinnati and operates six warehouses throughout the Greater Cincinnati area.
About the project: Park South at Richwood is a 1.1-million-square-foot industrial facility located atin Walton, Kentucky. The warehouse was built in 2019.
What the judges said: “At over 1 million [square feet], this is the largest least of the year and very impactful on the positive absorption of the industrial market,” said Brett Lowery, director of sales and leasing at Coporex.
“It was a co-op between two brokerage shops and it was a large deal. Usually brokers want to keep all the juice to themselves,” said Stash Geleszinski, managing director at Capstone.
Jeff Bender, of Cushman & Wakefield, represented the tenant, Commonwealth, Inc. Jeremy Kraus, Michael Lowe, Tim Schenke and Douglas Whitten of CBRE represented the landlord, IDI Logistics.