Sunstar Engineering Americas' lease of a 156,678-square-foot warehouse in Springboro, Ohio, was expected to create 60 new jobs, earning it a 2024 CoStar Impact Award for lease of the year for the Cincinnati/Dayton market, as judged by real estate professionals familiar with the market.
Sunstar leased the warehouse at 100 Pioneer Blvd. as part of the company's expansion and reorganization process. The property was expected to add jobs in sales, back office, operations and chemical engineering positions, adding roughly $5 million in additional annual payroll to the city. The company already contributes more than $10 million in payroll through existing facilities in the area.
The Ohio Tax Credit Authority approved a 1.6%, eight-year job creation tax credit for Sunstar at the new location.
About the Deal: Sunstar Engineering Americas specializes in serving the automotive and motorcycle industries. It signed the lease for the facility in the first quarter of 2023 with plans to take possession of it the following December. Sunstar estimated it would invest approximately $18.5 million in the new facility.
What the Judges Said: "The job growth of this new lease is substantial, adding 60 new high-paying jobs. The $18.5 million capital investment shows their commitment to the area, as well as to the long-term growth of the company," said Brett Lowery, director of sales and leasing at Corporex.
They Made it Happen: Norm Khoury, senior vice president and Todd Cochran, vice president, both with Colliers, represented the tenant. Taylor Young with Maguire Hayden Real Estate represented the landlord.