Two Downtown Cincinnati Office Buildings Auctioned Off for $3.5M
By Adrian Maties, Associate Editor
Two downtown Cincinnati Class A office properties were sold at auction on Dec. 11, according to the Hamilton County Auditor’s Web site. The Cincinnati Enquirer reports that Neyer Properties was the buyer.
The two properties are part of the three-building Centennial Plaza office complex on Central Ave. Dan Neyer, president of Neyer Properties, told the Enquirer he acquired the two properties via the online auction house Auction.com for $3.5 million. The seller was an affiliate of New Boston Citimark, New Boston Centennial L.L.C. In 1999, New Boston Centennial paid $13 million for the properties.
Centennial Plaza I is the smallest of the two and the oldest, built in 1985. It is a five-story building, totaling 75,000 square feet, and is located at 705 Central Ave. Neyer Properties acquired it for $1.2 million and sold it the same day to Miami Township-based Jedson Engineering for an undisclosed price. Jedson Engineering, currently based in Park 50 in Clermont County, plans to relocate its headquarters and bring 100 or more new jobs to downtown Cincinnati. The city has offered the company a tax credit for creating 300 jobs in Cincinnati over the next five years.
Centennial Plaza III was built in 1988. The 12-story, 175,000-square-foot building located at 895 Central Ave. was sold for $2.3 million. According to the Cincinnati Enquirer, Neyer Properties will hold onto the building long term as part of its goal of buying and redeveloping 2 million square feet of commercial property in the next two years. The building will undergo renovations in early 2013 to help it attract new tenants and fill the remaining vacant space. Among its current tenants are the U.S. Postal Service, Key Bank TSC Apparel and the Epilepsy Council of Greater Cincinnati.
Centennial I and III are located in the heart of Cincinnati`s Central Business District, directly across the street from Cincinnati City Hall. The two buildings are on either side of Centennial Plaza II, a 200,000-square-foot office building constructed in 1986 and currently owned by the city of Cincinnati.
Photo credits: www.newbostonfund.com
Tags: Acquisitions/Dispositions, Brokers, Centennial Plaza I, Centennial Plaza III, Cincinnati, Cincinnati Lead Story, commercial real estate, Dan Neyer, Development, economy, Hamilton County Auditor, Local, National, Neyer Properties, Office, Regional