In what's being called one of the largest-ever commercial real estate sales in Northern Kentucky, ARCP Acquisitions LLC, a subsidiary of the New York-based real estate investment trust American Realty Capital, announced that they had purchased the Gateway Center and Gateway Center West in downtown Covington, Kentucky for $82.6 million. ARCP bought the property from Scott Street Land Co., a Wessels Construction affiliate, which originally developed the complex at 333 Scott Blvd. and 300 Madison Ave. in mid-1992. As a result of the sale, Fort Wright-based Wessels will diversify its real estate portfolio to include more multifamily and commercial office areas, according to a Cincinnati Business Courier article. Meanwhile, its affiliate, Guardian Management Co., will continue to provide property management services for the Gateway Complex under an agreement with the new owners.
"With over two decades of work on the part of our company…we felt the time was right to see what the value of the project was on the open market," said Rick Wessels, a spokesman for Wessels Construction. "It generated quite a bit of interest on the part of institutional buyers, and we feel we received maximum value in the end."
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