Kubicki Real Estate Partners, the Cincinnati-based real estate company owned by David Kubicki, purchased 17.9 acres of land in West Chester Township from an affiliate of Duke Realty Corp. for $2.4 million, with plans to build a $60 million office park. Terms of the deal were not disclosed, but Cushman & Wakefield represented Duke Realty in the sale, while the buyers were self represented. Kubicki is working with Sharonville-based architecture firm McGill Smith Punshon Inc. to develop the complex, the form of which is yet to be determined as negotiations continue with potential tenants.
"This was a golden opportunity to get in the West Chester market," Michael Kubicki told Tom Demeropolis at the Cincinnati Business Journal. "If Duke was still in the office market, they would have built a building there by now," he added. The property is just east of Streets of West Chester, directly south of two GE Aviation office buildings that sold for $66 million earlier this year.
"This intersection is ripe for speculative office construction," Scott Abernethy with the Cincinnati office of Cushman & Wakefield said of the deal. "The market is so tight." Aside from a 17,000-square-foot, single-story office building, the next largest block of class A space in the West Chester area is 4,000 square feet, Abernethy said.
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