A joint venture between Indianapolis-based Strategic Capital Partners, LLC (SCP) and PCCP, LLC acquired the former 18-hole, Hidden Creek Park Golf Course, also known as GE Park, for $5.6 million as part of a new $43 million business park development.
The partnership will convert the 135-acre property into Springdale Commerce Park. The speculative industrial development will include four buildings designed to deliver 1,131,200 square feet of Class A industrial space to the market, as well as one building of up to 18,000 square feet of office/retail space.
The location at 12100 Princeton Pike and Crescentville Road benefits from its proximity to the I-75/I-275 interchange, making it ideal for e-commerce and logistics. Construction is set to start this October with a targeted completion in August 2019.
John Cumming, SCP’s Senior Vice President of Development, believes the Cincinnati industrial market is as strong as ever. “We are excited to launch this project in a location which provides excellent visibility and access to I-275 and I-75 with nearby amenities and an established labor base in Springdale and surrounding communities.”
Phase One calls for two distribution buildings totaling 576,800 square feet – a 369,600 square-foot, cross-docked distribution center with 32' clear height and a 207,200 square-foot, rear-load distribution center with 28' clear height. Phase Two includes land that can accommodate two additional buildings totaling 554,400 square feet.
“PCCP’s analysis of the Northwest submarket found a lack of large, pad-ready, competitive developable sites that could compete with Springfield Commerce Park’s capacity, excellent location, and positioning near I-75. We view the project as a compelling investment opportunity within the largest industrial submarket in the region,” said Ryan Dodge, Vice President with PCCP. “This is PCCP’s second joint venture with Strategic Capital Partners and we are pleased to embark on another quality project with this experienced developer.”
Springdale Commerce Park financing is provided by Fifth Third Bank and the Greater Cincinnati Redevelopment Authority. Indianapolis-based JRA Architecture, LLC is designing the buildings which will be constructed by the Paul Hemmer Companies, Cincinnati, OH. The project engineer is the Kleingers Group, West Chester, OH. Springdale Commerce Park leasing will be handled by Cushman Wakefield’s Jeff Bender and David Kelly.
SCP has an existing presence in downtown Cincinnati where it owns 312 Elm and 312 Plum St. They purchased the office properties in 2015 with joint venture partner Rubenstein Partners, Philadelphia, and have since invested more than $2 million in their redevelopment, contributing 600,000 square feet to the market. In the industrial arena, SCP owns Metro Air Business Park, Indianapolis, also in partnership with PCCP.