CINCINNATI – September 30, 2013 – Cassidy Turley, a leading commercial real estate provider in the U.S., announced today that Florence Business Center, LLC, has purchased the Kentucky Drive Business Center for $2.1 million. The four-building office-warehouse complex located at 7956-7968 Kentucky Drive in Florence, KY, totals 172,000 square feet, and is located in Northern Kentucky Industrial Park, Greater Cincinnati’s largest industrial park.
Cinco Properties LLC, sold the Kentucky Drive Business Center due to a reallocation within its portfolio. Jeff Bender, SIOR, CCIM Executive Managing Director and Principal of the Cassidy Turley Cincinnati industrial team, handled the negotiation.
“This new ownership group is led by Michael F. DiScala, SIOR of M.F. DiScala & Company. They are skilled real estate operators who intend to increase occupancy of the Kentucky Drive Business Center by improving the property and providing below-market rents,” said Mr. Bender. “An industrial investment of this type requires a personal touch with tenants and more oversight to details.”
Originally constructed by Paul Hemmer Cos. in 1976, the multi-tenant office warehouse buildings offer suites from 4,000 to 28,000 square feet and feature docks and drive-ins. The business center is zoned I-2, heavy industrial, a rare zoning that permits manufacturing uses not commonly available elsewhere. It is located in unincorporated Boone County, providing extremely low property and income tax rates. The Kentucky Drive Business Center allows companies the flexibility to grow into additional space in the center to accommodate growth. The complex is conveniently located near I-275 and I-75 near the Cincinnati/Northern Kentucky International Airport and the DHL Express cargo super-hub.
About M.F. DiScala & Company
Established in 1923, M.F. DiScala & Company, Inc. is a privately held, self-administered real estate organization. We are engaged primarily in the business of acquiring, developing, managing, and leasing warehouse & distribution facilities and commercial properties throughout Connecticut and in other selected markets throughout the United States. Our portfolio includes properties in 10 states and 23 cities and consists of over 11 million square feet. The key to our success is the synergy of our three operating divisions – Acquisition & Development; Consulting & Brokerage; and Real Estate Asset Management. This integration of experience allows us to evaluate and structure transactions to fulfill the real estate requirements of diverse corporate and individual clients.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,800 professionals in more than 60 offices nationwide. With headquarters in Washington, DC, the firm completed transactions valued at $22 billion in 2012, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 23,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services and research and consulting. Cassidy Turley enhances its global service delivery outside of North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets.
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Chief Financial Officer
M.F. DiScala & Company