Corporex secures MegaCorp Logistics as anchor tenant for 25-acre Ovation development in Newport

Corporex has secured an anchor tenant for its new office building at Ovation, the 25-acre mixed-use development covering nearly five city blocks at the confluence of Ohio and Licking Rivers in Newport.

MegaCorp Logistics, a transportation logistics firm specializing in full and less-than-truckload shipments — dry van, refrigerated, flatbed, intermodal, air, etc. — throughout North America in the food, manufacturing, retail, government, textiles, and metals/building materials industries, has signed a long-term lease agreement with Corporex. The firm will occupy two floors, or 40%, of the first office building located within the Ovation development.

“MegaCorp is excited to announce a major investment in our Greater Cincinnati operations by doubling our current size,” said Bob Klare, president of MegaCorp Logistics. “Ovation and the city of Newport put us in a strategic location right in the heart of the region. This modern space will be a wonderful place for our colleagues to work, socialize and bond with their teams.”

MegaCorp Logistics is currently ranked as one of Transport Topics’ top logistics providers in America. They also rank as the 30th largest, US-based full-truckload brokerage company according to Transport Topics.

With over a decade of service to customers ranging from Fortune 500 companies to small privately held firms, MegaCorp has proven to be one of America’s most capable logistics providers. With headquarters in Wilmington, North Carolina, the company has had a significant hub presence in Northern Kentucky for 12 years.

The MegaCorp regional headquarters is expected to bring nearly 250 to 300 jobs to the Newport Riverfront.

“We are thrilled to continue to see such interest and momentum along the riverfront here in Newport,” said Thomas Fromme, Newport City Manager. “With three of the region’s largest cranes in the air, the overall investment in the city has never been higher, largely due to what is happening at Ovation.”

Rendering of the Ovation office space (Image from Corporex)

Corporex, a privately held investment firm serving as master developer of Ovation, began construction on the 100,000 square-foot, five-story office building in October of 2021. Located at 200 W. Third St. in Newport, construction of the building is expected to be complete by the end of 2022 with MegaCorp occupying their new space in the first quarter of 2023.

“Corporex has always been forward-thinking on large-scale developments like Ovation,” said Alan Bogart, Senior Vice President of Construction for Corporex. “We ordered steel and other materials in advance to circumvent the significant challenges others in our industry have faced, such as inflation and supply chain issues, allowing us to continue to meet our deadlines for the project with little disruption.”

In addition to finalizing the class-A office building, Corporex recently kicked off construction on the 132-room Hilton Homewood Suites Hotel that will feature a plaza-level restaurant with a bar and a rooftop bar. These are the final structures included under Phase II of the Ovation development project.

Construction on Phase III continues and includes a 1,600-parking space structure that will serve as the foundation for for-sale and for-rent residential units, retail, entertainment and a membership fitness and social club along the riverfront. The company recently began presales of the residential units in March and looks to have nearly 20% of the 88, for-sale luxury units presold by the end of May.

For more information on the Ovation project, visit Corporex.com. To learn more about MegaCorp Logistics, visit megacorplogistics.com.

Corporex


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