A German technology company that specializes in the production of measuring and testing technology purchased a 15,000-square-foot industrial facility at 1368 Cox Ave. in Erlanger for $3.4 million.
The company, Blum Novotest, bought the property from Northern Kentucky real estate firm Appelman Properties. Schueler Group broker Sean Bradley represented the firm throughout the transaction. The sale transpired in late July.
“This sale represents a significant milestone for our company,” Appelman said. “We’re constantly looking for deals and buying and selling, so it’s just another testament that we’re doing the right things.”
Constructed in 2017, the building features 7,500 square feet of office space and 7,500 square feet of warehousing. It also includes amenities like a patio, board room, training room, and multiple private offices and conference rooms.
Additionally, its location is less than a mile from the Cincinnati/Northern Kentucky International Airport — the region’s largest shipping hub.
Until the sale, the property served as Appelman’s headquarters. The firm has another building in Newport which they plan to move into once renovations are completed.
Appelman told LINK nky his firm wasn’t looking to sell to a buyer who would treat the building like an investment property but instead wanted to find a buyer that would own and use it.
Blum Novotest fit the bill.
“We’re constantly evolving our company and we were looking for the right company to come in and take the space, but also take it at a premium price,” Appelman said. “We weren’t looking for it to be someone else’s investment property.”