Existing relationships helped Colliers pair a buyer and seller together for this nearly $46 million off-market sale of a 14-property portfolio in the greater Cincinnati area.
The transaction earned a 2024 CoStar Impact Award for sale/acquisition of the year in Cincinnati/Dayton, as judged by real estate professionals in the market.
Industrial real estate investment company TradeLane Properties acquired the portfolio of 14 light industrial and distribution buildings across Cincinnati, Ohio, and Erlanger, Kentucky, from Tappan Properties in June 2023.
Colliers has been a partner of Tappan's for more than 30 years. Together the two have worked on 248 deals totaling $107 million and 3.1 million square feet for Tappan's portfolio.
About the Deal: The 14-portfolio deal included seven properties in the Cincinnati/Northern Kentucky International Airport submarket near the Amazon Air hub. The others are located in desirable submarkets of Cincinnati. The portfolio was 94% leased at the time the deal closed with 56 diverse clients in the third-party air logistics, air cargo, e-commerce, manufacturing and wholesale trade industries.
What the Judges Said: "This real estate is not the flashiest set of buildings but the Tappan acquisition will undoubtedly provide the buyer with consistent returns. This product is being purchased well below replacement value. This culmination of multiple long-term business relationships allowed a portfolio to move from one great owner to the next," said Andrew Hannah, asset and acquisitions manager at Flex Real Estate.
They Made It Happen: John Gartner, executive vice president at Colliers; Erin Casey, senior vice president at Colliers; and Andrew Jacob, associate at Colliers.