Kroger Buys 674,500 SF Spec Industrial Building Near Cincinnati for $33.8M

INDEPENDENCE, KY. — The Kroger Co. has acquired Park 536, a 674,500-square-foot industrial property located at 251 Mt. Zion Road in Independence, a town in Kentucky roughly 13 miles south of Kroger’s hometown of Cincinnati. Kroger purchased the asset, which was built on a speculative basis, from VanTrust Real Estate for $33.8 million. Built in late 2016, Park 536 is situated on 45 acres and features 36-foot clear heights, 68 docks and 336 parking spaces. John Gartner III and Norm Khoury of Colliers International’s Cincinnati office represented VanTrust in the sale, and Brian Leonard of JLL represented Kroger, which plans to create nearly 100 new jobs at the facility and will move in upon building out the interior to its liking. The grocer will use Park 536 as a “replenishment center” for the company’s distribution centers in the eastern part of the United States.