Tramview Capital Management Acquires 522,500-SF Class A Industrial Property in Lexington, Kentucky for $32.85 Million
BEACHWOOD, Ohio — Tramview Capital Management has acquired 2390 Remington Way, a 522,500-square-foot Class A cross-dock industrial facility in Lexington, Kentucky, for $32.85 million, or approximately $63 per square foot. The transaction marks the firm's 10th industrial investment and its first in the state of Kentucky.
The property was purchased by TCM Lexington Remington LLC, an affiliate of Tramview, from a joint venture of Pinchal & Company and Ares Management. The facility is 100% leased to Sumitomo Electric Wiring Systems, Inc. (SEWS), a wholly owned subsidiary of Sumitomo Electric Industries, Ltd., a Fortune Global 500 conglomerate rated investment-grade by S&P.
Property and Tenant Overview
Located at 2390 Remington Way in the West Lexington/Fayette submarket — the largest industrial submarket in the Lexington metropolitan area — the property was built in 2016 and expanded in 2019. It sits on approximately 30 acres and features institutional-grade specifications including 30-foot clear heights, a cross-dock configuration, 204 automobile parking spaces, and 41 trailer positions.
SEWS has occupied the building since its original development in 2016 and uses the facility to support its North American supply chain operations. The company serves as a Tier 1 supplier to Toyota Motor Manufacturing Kentucky (TMMK) in Georgetown, approximately 12 miles from the property, as well as to other original equipment manufacturers.
Charles Myerson, Partner of Tramview, said the acquisition met the firm's investment criteria on multiple fronts. "2390 Remington Way is a modern, highly functional industrial facility in one of the country's strongest automotive supply chain markets, and we are pleased to have acquired it at an attractive basis relative to both comparable sales and replacement cost," Myerson said. "The Property is mission-critical to a financially strong tenant, and with in-place rents below market, we believe it is well positioned to deliver durable current cash flow and meaningful long-term value to our investors."
Automotive Supply Chain Anchor
The property's strategic value is closely tied to TMMK in Georgetown, Kentucky, the largest Toyota assembly facility in the world. The plant employs approximately 10,000 workers and has annual production capacity of roughly 550,000 vehicles. Toyota has invested more than $11 billion at the Georgetown facility since 1988, anchoring an extensive automotive supply chain cluster throughout central Kentucky.
SEWS's long-term occupancy at the property and its role as a direct supplier to TMMK position 2390 Remington Way as a mission-critical node in that supply chain. The tenant's parent company, Sumitomo Electric Industries, carries an investment-grade credit rating from S&P.
Lexington Industrial Market Context
Lexington sits at the intersection of Interstates 75 and 64, a location that provides one- to two-day truck delivery access to approximately 60% of the U.S. population and efficient connectivity to the Midwest, Southeast, and Mid-Atlantic regions. The West Lexington/Fayette submarket has attracted a roster of logistics, distribution, and manufacturing occupiers and benefits from a constrained development pipeline and limited available industrial-zoned land.
Lexington's industrial market has remained relatively tight heading into the second half of 2026. Overall industrial vacancy in the market has been reported in the range of approximately 6.8% to 8.9%, with bulk warehouse vacancy running below 2%. Average industrial cap rates in the Lexington market were reported at approximately 5.2% in the second quarter of 2026, alongside rent growth of approximately 4.2%.
At roughly $63 per square foot, the acquisition price reflects the supply-constrained nature of the submarket and the creditworthiness of the in-place tenant, though direct pricing comparisons require caution given differences in lease structure, building specifications, and location across transactions.
Tramview's Growing Industrial Portfolio
The Lexington acquisition expands Tramview Capital Management's industrial portfolio to approximately 1.9 million square feet across distribution and logistics markets in Florida, Georgia, Kentucky, New Jersey, Nevada, and Pennsylvania. The firm describes itself as a value-oriented real estate investment management company focused on institutional-quality assets in targeted U.S. growth markets. Tramview's leadership has overseen approximately $5 billion of equity invested globally across property types and capital structures on behalf of institutional clients including pension funds, sovereign wealth funds, endowments, and foundations, as well as wealth management firms and high-net-worth individuals.
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