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New Maisons Ready to Rise in Mason

30 Jul 2015, 9:23 pm

By Adrian Maties, Associate Editor

Crooked Tree Preserve

Crooked Tree Preserve

Work is under way on a long-awaited $150 million residential development that will bring more than 200 homes to the city of Mason.

The Cincinnati Business Courier reports that C.T. Devco and Schnicke Co. broke ground on Crooked Tree Preserve, which will rise on the 168-acre former site of Crooked Tree Golf Course.

Once complete, the project will comprise 72 luxury homes, 140 estate homes, and amenities that include 50 acres of natural preserve. Construction is scheduled to start this fall on the first phase. It will feature 23 luxury lots measuring 100 feet by 200 feet and 28 estate lots, which are 100 feet by 150 feet.

According to the Business Courier, six builders are lined up for the luxury homes: Schnicke Co., Zicka Homes, Walker Homes, Pendragon Homes, Daniels Homes and J&K Custom Homes. Construction of the estate homes will be handled by Drees Homes, Fischer Homes and Zicka Homes.

Crooked Tree Preserve is now taking lot reservations. Prices for estate homes will range from the mid-$500,000s to the $700,000s, while luxury homes are expected to command from $700,000 to upward of $1 million.

Photo credit: Pendragon Homes

L.A. Firm Tapped By TIC Group

29 Jul 2015, 7:45 pm

By Adrian Maties, Associate Editor

One Northlake Park

National Asset Services is the new property manager at One Northlake Place in Sycamore Township

National Asset Services has expanded its property management portfolio with the addition of a Class A office building in North Cincinnati.

NAS has been tapped to manage One Northlake Place in Sycamore Township on behalf of its 32 tenant-in-common co-owners, which purchased the property in 2006. The 177,000-square-foot building was completed in 1986 and redeveloped in 1999. It is located at 11500 Northlake Drive, at the intersection of I-275 and I-71 off East Kemper Road. Amenities include parking spaces for 672 vehicles, on-site management, a large common area, conference room and fitness center.

According to NAS, One Northlake Place is 71 percent leased to tenants such as Vitas Healthcare of Ohio, a provider of hospice and palliative care resources. The Los Angeles-based company is implementing aggressive leasing, collections and cost reduction strategies.

“This property is in a favorable market location with good economic upside potential,” said Karen Kennedy, president and founder of NAS,  in a statement.  “We are committed to maximizing the potential this property possesses for ownership.”

NAS manages a nationwide portfolio valued at upward of $2 billion for more than 90 ownership groups. Properties under management include office buildings, medical office buildings, retail centers, student housing, assisted living and industrial flex facilities.

Photo credit: National Asset Services

Dayton CBD Asset Heads For Auction Block

28 Jul 2015, 4:50 pm

By Adrian Maties, Associate Editor

A Dayton office building with upside potential getting ready to to hit the auction block.

111 West First Street

111 West First Street

CBRE announced this month that it has been hired to sell the Class B office building at 111 W. 1st St. in an online auction scheduled for August 27. The opening bid will be $295,000. An initial earnest money deposit of $30,000 is required in order to participate at the auction.

CBRE Auction Services, the owner of 111 W. 1st St., an unnamed private equity firm, considers the building a non-strategic asset, said Douglas Johnson, managing director of CBRE Auction Services. The 161,164-square-foot property is located at the intersection of 1st and Ludlow Streets, in the northwest quadrant of the Dayton CBD, with access to I-75 and SR 35. At the moment it is only 23 percent occupied; tenants include Fifth Third Bank, Agnes Grill and the law firm of Doll, Jensen & Ford.

The property’s low occupancy offers a potential investor the opportunity to optimize space requirements for new tenants, as well as the flexibility to negotiate rents, according to CBRE. In a recent report, DTZ said that the Dayton office market absorbed 37,658 square feet in the second quarter, mostly in Class B buildings. Vacancy has decreased in the past two years and currently sits at 24.5 percent. The overall average asking gross rental rate was $14.56 per square foot in the second quarter, compared to average Class B rents of $13.45 per square foot. DTZ expects rents to remain flat in the near future but also said that continued activity could trigger long-term rent growth.

Photo credit: CBRE

L.A. Investor Buys Big

28 Jul 2015, 4:21 pm

By Adrian Maties, Associate Editor

Out-of-state investors just can’t stay away from Cincinnati. This month, a Los Angeles-based private investor has expanded its presence in the region with the acquisition of a large industrial facility.

At the start of July, LeSaint Venture L.L.C., an affiliate of Cohen Asset Management Inc., announced the acquisition of an industrial building located at 8878-8910 Le Saint Drive in West Chester Township. The company did not reveal how much it paid for the institutional-quality asset, but the Cincinnati Business Courier recently reported that the price was $29 million.

Cohen’s new acquisition is a 700,000-square-foot building located on a 36-acre site. According to the Business Courier, the property is fully leased to tenants that include KAO USA Inc., a subsidiary of KAO Corp., a Tokyo-based beauty-care brands manufacturer, and Dawson Group Inc. KAO has occupied the location for about 15 years.

The new owners did not immediately reveal their plans for the buildings, but Brandon Delf, Cohen’s executive vice president & chief investment officer, said in a statement that his company will continue to look for new properties that “possess superior locations and functionality for the markets they serve.”

Kroger Takes Another Piece of Blue Ash

19 Jul 2015, 9:17 pm

By Adrian Maties, Associate Editor

Kroger LogoKroger Co. continues its expansion in Greater Cincinnati. The grocery chain recently acquired a second building in Blue Ash and intends to include it in a $46 million expansion plan that company officials say will bring hundreds of new jobs to the city.

According to the Cincinnati Business Courier, the Cincinnati-based company paid $1.45 million to buy the 42,000-square-foot building at 6200 Creek Rd. from Muenchen’s Furniture. It plans to upgrade and expand the facility, which occupies a three-acre site.

A Kroger spokesperson told the Business Courier that the newly acquired building will be operated in conjunction with a distribution center owned by Kroger immediately west at 6300 Creek Rd. That facility was acquired by the downtown Cincinnati-based grocer in March for $9.3 million.

In early June, the Ohio Tax Credit Authority approved a 65 percent, 10-year Jobs Creation Tax Credit valued at almost $4.7 million to help Kroger with its planned Blue Ash projects. The investment is expected to create 649 new jobs in the city, where Kroger currently employs 2,000 people to go along with 2,500 in downtown Cincinnati.

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