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Knowledge That Sells Cincinnati July 2015

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Knowledge That Sells Cincinnati July 2015 Knowledge That Sells Cincinnati July 2015 Chuck A. Ackerman, CCIM, SIOR [email protected] • AK Steel President and CEO James Wainscott and other dignitaries held a ceremonial groundbreaking on June 19th for their Bill K. Keefer, SIOR new 135,000-square-foot, $36 million Research and Innovation [email protected] Center in Middletown. The building, located near the I-75 and Ohio 122 interchange, is expected to be completed by 2016. +1 513 721 4200 Office General • Kroger leased 175,000 square feet of space at The Landings I at • The Regional Economic Development Organization, REDI Cincinnati, said 9997 Carver Road in Blue Ash. that six agreements made at the Ohio Tax Credit Authority’s monthly meeting and a recent one made with Peter Cremer North America could • Blue Cross and Blue Shield Anthem committed to a lease at Oakley result in $75 million in capital investments, add 1,306 new jobs and Station that will allow construction to commence on the first retain 1,430 current jobs in Greater Cincinnati. office building at the mixed-use development. The building will total 80,000 square feet and accommodate 400 employees. • Carew Tower in downtown Cincinnati will feature a 30-story-tall image of an old-time baseball player projected onto the Vine Street side of the • Fosdick and Hilmer leased 16,387 square feet of space in the building from July 1 to July 15. In addition, All-Star-themed graphics will Huntington Center at 525 Vine St. in downtown Cincinnati’s CBD. wrap around the exterior of the 40th floor. The engineering firm will relocate from 309 Vine, which is slated to be converted to apartments. Investment/Development • Ameriprise Financial Inc. will lease 7,500 square feet of office • Indianapolis developer Flaherty & Collins, the Cincinnati Center City space and move about 30 employees into The Kenwood Collection, Development Corp., and the city plan to construct a 925-space garage, the high-profile office and retail development along Interstate 71. 25,000 square feet of commercial and retail space, and an eight-story, 208-unit apartment building in the former Pogue’s Garage after • Innova Financial Group leased 10,000 square feet of space at reaching a deal with their last tenant, Paragon Salons. Rookwood Exchange office building at 3825 Edwards Road in Norwood, relocating from 7755 Montgomery Road in Kenwood. • Norfolk Southern has agreed to sell part of the Wasson Way rail line to the city for $11.8 million, allowing the creation of a new paved bike trail running from near Xavier University through Oakley and Hyde Park. Industrial But to make this a reality, the city of Cincinnati has to come up with the • Software Packaging Associates expanded into 88,644 square feet $11.8 million to purchase the railway and the roughly $20 million of it is at 401 Milford Pkwy in Milford. going to take to build the bike trail. • Skilcraft leased 32,000 square feet at Southpark Building 1 at • The Pendleton Neighborhood Council voted unanimously to keep the 1961-1975 International Way in Hebron. green space north of the former Woodward School/School for Creative and Performing Arts building undeveloped and available for public use • Tripack LLC, the manufacturer of shrink sleeve application systems, to support Core Redevelopment’s $24 million Alumni Lofts project. is buying a roughly 210,000-square-foot facility at 6000 Creek Alumni Lofts will consist of 142 market-rate apartments, ranging from Road where it will manage its North America operations. They are 480 to 2,000 square feet and leasing for between $699 and $1,400 a buying the building for $5.15 million and will spend an additional $1 month. The building’s first tenants are expected to be welcomed by July million in renovations. 1st, 2016. • American Metal Supply leased 29,930 square feet of space at 2629 • A group of City of Cincinnati officials, clergy and nonprofit leaders called Spring Grove Ave. in Cincinnati. Wednesday for the creation of a new community development organization whose efforts would be directed at African-Americans • Sugar Creek Packing Co., one of the nation’s top three in Cincinnati’s poorest communities and asked for $50 million to fund manufacturers of ready-to-eat bacon, turkey bacon, and meatballs economic development efforts, job training and business support there. all sold under other national brand names, is planning to move to a new 165,000-square-foot headquarters at 4235 Thunderbird Lane • Schuermann Properties and Citimark Inc. have a contract to buy 10900 in Fairfield by the end of this year. Kenwood Road, a 43 acre land site in Blue Ash. Of the 43 acres, only 26 are able to be used for development and they plan to invest between $15 and $20 million into this space for their project. Retail Multifamily • Enson Mart Market leased 46,884 square feet at Cassinelli Square at 11360- • Jake Warm, president of Warm Realty + Development, is moving 11444 Princeton Pike in Tri-County. forward with plans to convert the 134-year-old building at 223 W. Fourth St. into luxury condos. Plans call for one condo on each • Forever 21 joined the expanding roster of tenants at Liberty Center in Liberty floor of the five-story building and construction could start as Township, signing a leased for 17,300 square feet. early as this year. • 32 East, the redevelopment of Eastgate Station at 700 Eastgate South Dr., • On June 9th, USquare Hotel LLC, a team of developers consisting secured three new lease commitments. Home Goods will occupy 21,000 of two real estate companies and a hotel development company, square feet; Ulta Salon leased 10,000 square feet, while Kirkland’s will open broke ground on a $15 million Fairfield Inn & Suites by Marriott a 7,500-square-foot store. Hotel at U Square @ the Loop near the University of Cincinnati. • Hilton Capital Group LLC purchased the 11,600-square-foot building at 180 W. • Orlando based Kessler Enterprise Inc. plans to purchase the McMillan Ave. from David and Catherine Frisch in the beginning of June former Proctor & Gamble Co. building at 299 E. Sixth St. from an for $800,000. affiliate of Scott Street Partners to turn the 110,000-square-foot building into a luxury hotel. The project is expected to cost over • Premier Dance & Tumble expanded into 10,000 square feet at Shopper’s $40 million and create around 125 jobs. Haven at 513-685 Loveland Madeira Road in Loveland. Sources: Cincinnati Business Courier, Dayton Daily News, Cincinnati Enquirer, Dayton Business Journal, CoStar Group, Inc., RE Business Online, Xceligent. • Cincinnati’s newest steakhouse, Charlotte, N.C.-based Firebirds Wood Fired Grill specializing in wood-fired aged steaks, opened in Mason at 5075 Deerfield Blvd. in Deerfield Towne Center on June 22. • Fresh Thyme Farmer’s Market signed a lease for nearly 35,000 square feet at Newport Plaza. Fresh Thyme will occupy a portion of the space recently vacated by Remke Markets. REAL ESTATE MANAGEMENT ASSIGNMENT OF THE MONTH COMMUNITY INVOLVEMENT Colliers International | Greater Cincinnati in conjunction with DCI, Inc. recently landscaped and repainted the downtown park located near 5th and Elm Street. In an effort to spruce up the city’s appearance for MLB’s All-Star game, the park was painted red, white and blue. Townview Business Center Queensgate Size: 80,000 SF Owner: WM Capital Partners DEAL OF THE MONTH “Knowledge That Sells” is a monthly publication compiled and researched by the market research department at Colliers International. For more information or to be added to the subscriber list, please contact Loren DeFilippo at [email protected]. COLLIERS INTERNATIONAL SWC Mt. Zion Road & Sigmon Lane Greater Cincinnati 425 Walnut Street, Suite 1200 Independence, Kentucky Cincinnati, OH 45202 Total Value: $5,439,576 Agents: J. Gartner, E. Casey, N. Khoury 513 721 4200 Fax 513 721 0630 Size: 45.32 acres Represented: VanTrust Real Estate, LLC www.colliers.com.
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