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Metro Cincinnati’s Fourth Homewood Suites by Hilton Opens In Mason

26 Jul 2014, 5:03 am

By Adrian Maties, Associate Editor

The fourth Homewood Suites by Hilton in Greater Cincinnati recently opened its doors to guests in Mason.  Located at 5325 Natorp Blvd. off I-71 in Mason’s business district, the 115-key hotel is owned by Deerfield Hospitality L.L.C. .

Completed at a cost of $10.7 million, Homewood Suites by Hilton Cincinnati Mason is located 19 miles from downtown Cincinnati and 35 miles from Cincinnati/Northern Kentucky International Airport.

Homewood Suites by Hilton Cincinnati Mason was developed on a 2.8-acre site acquired for $900,000 by Deerfield Hospitality in late 2012. Construction started last year.

The hotel offers studio and one-bedroom suites that feature internet access and fully equipped kitchens. Hotel amenities include event space for up to 48 people, a complimentary 24-hour business center, flexible meeting rooms, an indoor swimming pool and a 24-hour fitness center.

Photo credits: Homewood Suites by Hilton

 



Neyer Properties Plans Mini-Lifestyle Center In Green Township

19 Jul 2014, 4:07 am

By Adrian Maties, Associate Editor

Neyer Properties plans to start construction this month on a 47,000-square-foot mini-lifestyle center in Green Township.

Named Harrison Greene, the project will be located along Harrison Avenue, near Westwood-Northern Boulevard.

The development will consist of a 17,000-square-foot retail building fronting Harrison Avenue and a 30,000-square-foot office/medical building directly behind it. Neyer is constructing the project on a site purchased from Green Township. The company has received tax increment financing for infrastructure work.

Wesbanco will provide financing for the project. According to the Cincinnati Business Courier, Neyer will invest between $8 million and $10 million in the development. Frank Raeon of Townmark has been retained as the leasing agent for the retail portion.

Tom + Chee, First Watch, Graeter’s and Dewey’s Pizza are expected to open on April 1, 2015. In a news release, Neyer said about 4,200 square feet of retail space are still available.

The retail portion of the project will have a layout similar to that of the development anchored by Graeter’s and Dewey’s Pizza in West Chester. In addition, the common areas will feature a patio with seating, music, WiFi and a fountain.

Rendering: Neyer Properties



Hines Pays $150M for 6-Building Portfolio as Office Sales Pick Up Steam

13 Jul 2014, 3:01 pm

By Adrian Maties, Associate Editor

Halfway through 2014, it’s clear that office properties in Greater Cincinnati are selling like hotcakes. Multiple assets have changed hands as the recovering market attracts a growing number of institutional investors.

The second half of the year is off to a strong start. As the Cincinnati Business Courier reported last week, Duke Realty Corp. sold six of its office buildings in Greater Cincinnati to Hines Interests L.P. for more than $150 million. The portfolio includes the Towers of Kenwood in Sycamore Township and five buildings in Centre Pointe Office Park in West Chester Township. According to Butler County records, the five buildings in the Centre Pointe Office Park fetched $81.25 million. The 403,000-square-foot Towers of Kenwood office development sold for $69.2 million.

Improving fundamentals appear to be making Cincinnati-area office assets more attractive to investors. Due to limited development and high absorption, vacancies in the Cincinnati area are expected to continue to drop toward pre-recession levels. Average asking rents are also expected to climb to the highest levels since 2010. CBRE Group Inc. reports that office vacancy in Greater Cincinnati declined from 22.3 percent at the end of 2013 to 21.5 percent at the end of the second quarter. During that stretch, asking rents edged up from $18.57 to $18.80 per square foot.

The recent Hines acquisition followed a number of significant first-half deals, including Lone Star Funds’ $38.9 million acquisition of Executive Centre I, II and III in Springdale. And in Norwood, PBY Partners paid $34 million for the 811,670-square-foot, 10-building Central Parke Business Park Portfolio.

Last month, The Cincinnati Enquirer reported that Wessels Construction and Development Co. Inc. sold Gateway Center and Gateway Center West in downtown Covington, Ky., for $82.6 million. ARCP Acquisitions L.L.C., an affiliate of New York City-based American Realty Capital Properties Inc., is the new owner of the office buildings on Scott Boulevard and Madison Avenue, which offer about 440,000 square feet of rentable space between them, According to Wessels officials, the sale may be the largest real estate deal in Northern Kentucky history.

Photo credits: Duke Realty Corp.



Inland Real Estate Corp., PGGM Buy Phase I of Newport Pavilion

8 Jul 2014, 3:09 pm

By Adrian Maties, Associate Editor

Inland Real Estate Corporation is expending its presence in metropolitan Cincinnati. In a joint venture with PGGM, a Dutch pension fund advisor, the REIT has acquired the first phase of Newport Pavilion, a 471,800-square-foot grocery-anchored power center in Newport, Ky. The property changed hands for $43.3 million in cash.

Newport Pavilion is located within one mile of downtown Cincinnati. Phase one consists of 222,300 square feet of retail space. According to Inland Real Estate, it was 98% leased at the time of the sale, to retailers such as Kroger Marketplace, PetSmart, Famous Footwear or Chic-fil-A. The center also includes a separately-owned 134,500-square-foot Target store.

According to a recent report from Marcus & Millichap Real Estate Investment Services Inc., transaction volume in metropolitan Cincinnati’s multi-tenant retail sector has increased 50 percent over the past 12 months; the average price per square foot reached $165 at the end of the first quarter. The Inland Real Estate–PGGM joint venture paid about $195 per square foot for Newport Pavilion’s first phase.

The joint venture expects to buy the second phase of the project for about $23.8 million. Phase two includes 115,000 square feet of space that will be occupied by such retailers as Dick’s Sporting Goods, TJ Maxx and Buffalo Wild Wings. The acquisition is expected to close before the end of the year.

“Newport Pavilion is an outstanding addition to our necessity and value-based retail portfolio, representing best-in-class new power center development, with leading national retailers in a high-barrier-to-entry infill location,” said Mark Zalatoris, president & CEO of Inland Real Estate Corporation, in a statement.

“Our acquisition of this ‘Class A’ Kroger-anchored power center in Ohio’s largest metropolitan area enhances the geographic and tenant diversification of our portfolio, and represents an accretive re-deployment of proceeds from recent dispositions of non-core assets.”

Photo illustration: Inland Real Estate Corporation
Charts courtesy of Marcus & Millichap.


Milhaus Development Breaks Ground $13M M-F Project in Cincinnati’s Northside

30 Jun 2014, 4:15 pm

By Adrian Maties, Associate Editor

Milhaus Development started construction on the Gantry, a $13 million project expected to revitalize the former lumberyard and railroad depot in Cincinnati’s historic Northside neighborhood. It is the first new construction project of its size to be developed in the Northside community in many years.

Indianapolis-based Milhaus announced the project in July 2013. It was approved by the Cincinnati City Council in August and, on October 30, it received its name. Ground was broken last on June 24.

The project calls for the construction of three new buildings at the corner of Hamilton Avenue and Blue Rock Street, on the former Myron G. Johnson & Son Lumber Co. property. They will house 130 studio, one-, and two-bedroom rental units as well as 8,000 square feet of first-floor retail and restaurant space. The apartments will feature granite countertops, designer lighting, wood-style flooring and more. Monthly rents will range between $600 and $1,500.

Milhaus Development is the owner, developer, construction contractor and property manager. It designed the project with input from local residents so that it respects Northfield’s historic guidelines.

“Milhaus is really proud to boast a track record of working with neighborhoods to design each and every project to its specific tastes and characteristics,” said Jake Dietrich, Project Manager for Milhaus, in a statement. The Gantry will apply principles of good urban design. It will also preserve an historic building on Langland Street. Milhaus plans to submit the project for LEED Silver certification.

The $13 million development will not only help revitalize Northside, it will also help address a growing demand for high-quality housing. “Northside is in the midst of the biggest development boom it’s seen in 100 years, said Ollie Kroner, president of the Northside Community Council. “The Gantry project has been a decade in the making, and is the product of numerous community conversations. We are excited to see more housing coming to the heart of the business district.” Completion is expected by the end of 2015.

Photo credits: Milhaus Development







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