SYLVANIA, OH – On behalf of Fifth & Pacific Companies, Inc., (NYSE: FNP) Binswanger is pleased to announce the sale of the 601,065 sq. ft. high bay warehouse/distribution building on 41.39 acres located at 8741 Jacquemin Drive in West Chester, Ohio. The property was purchased for $21,000,000.
The buyer, Granite Real Estate Investment Trust, (NYSE: GRP.U) is a Canadian-based REIT engaged in the ownership and management of predominantly industrial facilities in North America and Europe. The property continues to be occupied under a long term lease to Fifth & Pacific Companies for use as its national distribution center. Fifth & Pacific designs and markets a portfolio of retail based, premium, global lifestyle brands including Juicy Couture, Kate Spade, and Lucky Brand.
Constructed in 2001, key features of the 100% temperature controlled facility include concrete tilt walls; 7" reinforced concrete floors; EPDM ballasted roof; ceiling heights to 38'5" clear; T-5 lighting; ESFR sprinkler system; approximately 5,300 sq. ft. of office space; 42 enclosed loading docks with locks and levelers; fenced trailer court; 450 parking spaces for vehicles and 87 truck/trailer spaces with dolly pads.
The property is strategically located between Cincinnati and Dayton in an industrial park setting only two miles from Interstate 75.
The transaction was handled by Rob Gemerchak, Senior Vice President in Binswanger’s Sylvania, Ohio office.
Headquartered in Philadelphia, PA, Binswanger is an international full-service real estate organization with offices worldwide throughout the United States, Canada, Latin America, Europe, the Middle East, and Asia.