Procter & Gamble Co.’s new distribution center in Union has been sold to a real estate investment trust, a spokesman for the Cincinnati-based packaged-goods giant confirmed Monday.
The building developer, San Francisco-based Prologis Logistics Services Inc., sold the 1 million-square-foot facility to Cole Office & Industrial REIT Inc. — a subsidiary of Cole Capital with headquarters in Phoenix.
Cole is a public, but non-listed, REIT that focuses on investing in professionally managed, single-tenant commercial properties with long-term leases that generate rental income from high credit quality tenants, according to its website. Neither Cole nor Prologis officials could be reached for comment Monday.
P&G has leased the multi-channel distribution center, just west of the Dayton International Airport at 1800 Union Airpark Blvd., until 2024. It will be managed by supply chain logistics company, Exel of Westerville, Ohio.
Despite the change in ownership, P&G will not be required to renegotiate its lease as a result of the sale, which “does not affect P&G’s current lease terms in any way; all terms were transferable,” Jeff LeRoy, a P&G spokesman, said in an email.
Operations at the distribution center are set to begin next month. The facility is projected to employ at least 800 workers.
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