Lightstone announced it has closed on the sale and lease back of a 580,000-square-foot distribution facility in Cincinnati, OH for $25 million.
The property, Harrison Distribution Center, is leased to Hubert, one of the nation’s largest B2B distributors of food service supplies and merchandise.
The LEED Silver Certified facility features 32-foot ceilings, 40 dock doors, wide column spacing, ample parking, and immediate highway access.
“The acquisition of Harrison Distribution Center is part of our broader strategy to participate in the compelling growth outlook we see in logistics and e-commerce across the country,” said David Lichtenstein, Chairman and CEO of Lightstone.
“We’ve been aggressively ramping up our focus on the industrial asset class and plan to continue targeting the right deals in markets we believe in.” The company owns more than 5 million square feet of industrial and retail properties and continues to expand its national footprint in the space.
Peter Rotchford of JLL arranged the acquisition financing for Lightstone and Patrick Gallagher of CBRE represented the seller.