Neyer Properties sold Gateway 75, a 1.1 million square foot industrial/distribution facility in Sharonville, Ohio for $22,350,000 to Gorilla Glue to handle their expanding growth in their business. Gorilla Glue expects to consolidate their operation to this location.
Purchased in June 2010, Gateway 75 was part of Neyer’s Acquisition Fund I and was one of the company’s first acquisitions in it is recent buying spree.
Neyer completed significant improvements shortly after purchasing the property which increased the value to the property and ultimately led to the sale of the property. The building is home to Macy’s who occupies approximately 100,0000 sf and West Chester Protective Gear who occupies 258,000 sf. Neyer has updated the building façade, added 18 loading docks to the west of the building to allow for cross docking, constructed a new truck access road, and installed new monument signage and other improvements.
Neyer was not marketing Gateway 75 for sale but they decided that due to the favorable return to our company and our investors that now was a good time to sell. “The strength of the industrial market and the need for expansion prompted the buyer to approach us,” said Dan Neyer, President/CEO of Neyer Properties.
Neyer Properties has worked with Gorilla Glue in the past as they designed and built their 4540 Red Bank Road facility within their overall Red Bank Road Crossing development.