Late-Summer Flurry in Office Market
- Sep 03, 2015
As summer winds down, the Greater Cincinnati office market is generating no shortage of activity. After Duke Realty sold six of its Warren County office buildings for $103 million to a fund sponsored by Apollo Global Management, another out-of-state investor purchased a multi-tenant office building, this time located in Sharonville.
Jim Bates, owner of Versailles, Ky.-based First Technology Capital, is the new owner of Summit Woods II, a 150,000-square-foot office building located at 300 E-Business Way. He purchased the property from Sabal Financial Group L.P. for more than $14.6 million, or $97 per square foot, according to the Cincinnati Business Courier. David Rogers, principal broker with Rogers Realty Group of Lexington, Ky., represented Bates and told the Business Courier that the deal is his client’s first acquisition in the market.
Summit Woods II was constructed in 2000. When Sabal purchased it, in February 2014 from CW Capital Asset Management for about $10.5 million, the property was only 60 percent leased. Now, however, the Business Courier reports that it is 90 percent leased to tenants such as BSI Engineering, Devicor Medical Products Holdings Inc. and Safran USA. As a result, Bates plans no significant changes to the property and will focus instead on backfilling the remaining space.
Photo credit: DTZ