CBRE Arranges 1.1 Million-SF Lease for Commonwealth Inc. at IDI Logistics’ Park South at Richwood in Walton, Ky.

CBRE has arranged a 1.1 million-square-foot lease for Commonwealth Inc. at Park South at Richwood, a master-planned logistics park in Walton, Ky. The Cincinnati-based, full-service, third-party logistics company will expand into the Northern Kentucky market and will occupy the entirety of building B within the property.

CBRE’s Jeremy Kraus, Mike Lowe, Doug Whitten and Tim Schenke represented the landlord, IDI Logistics, in the lease negotiations.

“Utilizing CBRE’s vast set of local and national resources, we were able to demonstrate the opportunity this property provides to a national audience of high-quality prospective tenants,” said Kraus. “This led to a significant amount of interest and ultimately to the largest industrial lease in the region, which is a fantastic outcome for all the parties involved.”

Park South at Richwood building B is located at 61 Logistics Blvd., 15 miles south of Cincinnati along Interstates 71 and 75. The Class A building features 40-ft. clear heights, 530 parking spaces, an ESFR sprinkler system, 106 docks and four drive-ins on a 62-acre lot.

According to CBRE Research, leasing activity within the Cincinnati industrial market tripled year-over-year in 2021 to 16.8 million square feet, ninth highest in North America and one of the largest increases in the region. Net absorption also nearly tripled year-over-year to 8.2 million square feet.