By: Jim Johnson
February 25, 2014
After months of searching, Octal Petrochemicals has found a site for its first plant in North America, opting for a Cincinnati-area location that provides more than 130,000 square feet of space.
News that the Muscat, Oman-based PET resin and sheet maker selected the site in West Chester, Ohio, about 20 miles north of the city comes from Cushman & Wakefield, which describes itself as the world’s largest privately held real estate services firm.
Octal’s West Chester location will use post-industrial recycled PET flake and resin to make reusable sheeting for the agricultural market.
“This was a six-to-eight month process of performing the proper studies and analyzing which markets made the most sense for Octal to place its first North American plant," said Mark Collins, a member of Cushman & Wakefield’s tenant advisory group based in Dallas, in a statement.
"We worked very closely with our alliance firm partners at Cincinnati Commercial Realtors to find the right mix of location, incentives and opportunity for Octal. This was a collaboration at every phase of the process, and that's important when you're dealing with an important, international client who is new to the market,” Collins said.
The West Chester site includes both warehouse and office space and is located in an industrial park. Duke Realty owns the building.
Octal’s new location will complement the company’s existing PET manufacturing site in Salalah, Oman, which has current production capacity of 1 million tons per year, Cushman & Wakefield said.