“Fisher Park as it exists today is nearly fully leased, and we’re getting strong activity there,” said Plymouth Industrial REIT Vice President/Regional Manager Benjamin Crock. “The metrics support the demand that’s there, Fairfield’s a great blue-collar market with easy access, and the success rate at Fisher Park being almost fully leased. We thought let’s keep that going, and all those things coupled together made the decision pretty easy to build on this parcel.”
The land to the north of the main building is currently being used for truck parking, which Crock said is an underutilization of the property. The project should be complete before the end of this year. He said once the foundation and utilities are installed, the tilt-up wall warehouse structure will go up “pretty quick.”
The Fisher Industrial Park project is not receiving any tax incentives, but Fairfield officials said the business has been making “substantial investments” into the city since it purchased the property a few years ago. This is reported to be a $10 million-plus investment, according to Fairfield.
“We are seeing a lot of new speculative industrial construction around the city,” said Fairfield Economic Development Manager Nathaniel Kaelin. “This project is unique as it directly fronts Ohio 4 and will significantly improve the appearance of an area that has been used only for semi-trailer parking. The investment also builds on the ongoing redevelopment of the former Fisher Body facility, further maximizing the property.”
Fairfield has seen nine speculative building projects either announced or under construction in the past couple of years, which equate to more than $175 million worth of investment.
Fisher Industrial Park is a historic piece of Fairfield as it’s the site of the former Fisher Body Plant that was the city’s largest employer for decades until General Motors closed the plant in the late 1980s. Since Plymouth Industrial REIT purchased the property, it’s seen large swaths of investments, most recently $4.5 million was spent to fill in eight open “pit” areas used by Fisher Body. The “pits” were where the stamping presses were located and their removal created cavernous areas.
Crock said after filling those previously un-leasable areas with structurally reinforced concrete last year, they have since been leased.
There are some prospective tenants after they began marketing the speculative building a month ago, Crock said.
While there is a “full spectrum of tenant types” that could use this speculative warehouse, he said trucking and logistic companies are the busiest in today’s market. He could see a third-party logistics company move into the space, using it to warehouse and inbound and outbound goods. It would also suit a light manufacturing tenant.
“We’re far away from a deal being signed, but a month in we do have some connectivity,” he said. “In a perfect world, we would love to get a full-building user.”
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