A technology company based overseas has purchased an expansive industrial building in Northern Kentucky — one that’s believed to shatter a sales record in Boone County.
Germany-based Blum Novotest purchased a large industrial building in Erlanger, Kentucky, for over $3.4 million on July 26, property records show. The building is approximately 15,000 square feet, which is believed to be the highest per-square-foot industrial sale of an existing building in the history of Boone County, according to Schueler Group.
That’s over $229 per square foot.
Sean Bradley, a commercial sales associate at Henkle Schueler & Associates, represented the seller, Appelman Properties.
Blum Novotest is a global firm in the technology and components behind measuring and testing technology. Its tech can be found across a variety of sectors, including in the machine tool, automotive and aerospace industries.
Blum Novotest's new Erlanger facility has 7,500 square feet of office space and 7,500 square feet of warehouse space, according to a news release. It’s also equipped with state-of-the-art infrastructure, a massive conference room and a break room that opens up to an outdoor gathering space.
The building is also prime industrial real estate. It’s less than a mile away from the Cincinnati/Northern Kentucky International Airport and seven miles from downtown Cincinnati, putting it in a central location in the region.
The high-value sale comes as industrial and manufacturing building continues to explode in Northern Kentucky. The central location to CVG and Amazon’s Air Hub combined with the easy drivability to most of the United States has made Northern Kentucky an in-demand location for many manufacturers and logistics companies to open new warehouses and headquarters.
It’s leading to a lack of space for new sites as industrial real estate continues to be one of Greater Cincinnati’s hottest submarkets.
