Neyer Properties Adds Sharonville Office Buildings to Portfolio
- Sep 04, 2012
Neyer Properties recently acquired One and Two Crowne Point in Sharonville, as part of its plan to increase its real estate holdings. The Evanston-based real estate development company has been working on closing the deal for some time now. According to the Hamilton County auditor’s Web site, the former Miller-Valentine office buildings sold for $6.1 million. Steve Timmel of Colliers International assisted with the transaction.
One and Two Crowne Point are two office buildings that each stand four stories tall. They are located within a 40.3-acre office campus, just 14 miles from downtown Cincinnati. I-75 is less than a minute away and I-275 is less than three minutes. The two properties were constructed in 1988 and total 148,000 square feet. They are also prominently positioned along one of the nation’s busiest thoroughfares: More than 140,000 cars pass by the two properties on I-75 each day.
The Cincinnati Business Courier reported on July 30 that One and Two Crowne Point were about 71 percent occupied. At that time, the Hamilton County auditor valued One Crowne Point at more than $4.2 million and Two Crowne Point at nearly $4.7 million.
According to Marcus & Millichap’s third quarter office market report for the Cincinnati metro area, office vacancy is expected to decrease to 19.8 percent this year, while asking rents will rise 0.6 percent to $18.76 per square foot, with effective rents growing 1.1 percent to $14.97 per square foot.
Neyer Properties has expanded in the past three years and now owns more than 3.5 million square feet of commercial, retail and industrial properties. Over the next two years, it plans to purchase and redevelop another two million square feet. The commercial real estate and development company is looking for acquisitions in Columbus, Indianapolis, Louisville and Lexington.
Picture courtesy of Neyer Properties.
Charts courtesy of Marcus&Millichap.