February 2014 (Boston, MA): Trident Capital Group, in partnership with Boston-based Novaya Real Estate Ventures, recently acquired a vacant 301,479 square foot industrial building located at 3550 Symmes Road in Cincinnati, OH. In a separate transaction, Trident secured a new ten-year lease for approximately 60% of the project with iMFLUX- a newly launched subsidiary of Procter & Gamble.
Trident/Novaya will also be making an additional investment of approximately $1.5 million of improvements into the overall base building and the tenant spaces. As evidence of its commitment to the location, Procter and Gamble is investing a reported $50 million into state-of-the-art machinery and equipment at the site.
Trident’s has built its industrial holdings to more than 7 million square feet with a strong presence in Columbus, Cincinnati, Indianapolis and Atlanta. Novaya has acquired over 1.6 million square feet of office, retail, and industrial product primarily in the New England area across 18 projects. “While we typically stay close to home with our capital, this transaction had great underpinnings given the investment basis and the near-simultaneous signing of the Procter & Gamble lease”, commented Novaya principal, Scott Tully. “Moreover, we were excited with the prospect of continuing our partnership activity with Dave Pizzotti, Peter Walter and Trident as they continue to expand their activities from Boston to select Midwest and Southeast markets.”