ING Real Estate Investment Management has taken over the development of a 170,000 180,000 m² volume logistics park in Neu Isenburg, near Frankfurt, Germany, after the contract of the previous developer was cancelled.
The logistics warehouses are being built in partnership with the local authority of Neu Isenburg in the industrial area of the town, which occupies a prime location close to the Rhein-Main Airport and the A5 and A3 highways. NAI Apollo and Jones Lang LaSalle are exclusive brokers for the project.
The multi-let project is comprised of non-purpose built modern flexible warehouses, varying in size from 15,000 m² to 25,000 m² that can be easily adjusted to meet a variety of tenant requirements. Rental units start from 2,500 m².
Georg Stark, project leader at ING REIM, Germany commented: "We planned to build the logistics warehouses on a speculative basis, but have already preleased 50% of the available volume. This indicates that there is good demand in the Neu Isenburg area for this type of flexible space, which can easily be adjusted to tenants' future requirements. We are also in talks with other parties interested in the project."
Early tenants at Neu Isenburg include logistics companies Geis Ersatzteilservice GMbh, which recently increased its leased area by 7,000 m² to 26,000 m², and Dachser that has signed a lease contract, via NAI Apollo, for 12,500 m² of logistics, office and retail space.
Late last year, building application was handed in for a new 23,500 m² warehouse and a 3,500 m² platform and office area at the project, waiting for building permit so that the ground-breaking ceremony can take place in February 2010.
Source: ING real Estate Investment Management