NY-based Blue Ash Holdings LLC has sold Blue Ash Business Place I, I & III in Cincinnati for $10.2 million, or roughly $63/sf, to Blue Ash Partners LLC, an investment group formed this June and led by Patrick Gates, general partner of Matrix Holdings. The three building office park previously traded hands in 2006 for $8.5 million, or approximately $53/sf, when it was sold by Credit Suisse Securities (USA) LLC to an unnamed investor. CBRE's Cincinnati Investment Properties group represented the seller in this month's transaction and marketed the property for sale.
Blue Ash Business Place I & II at 4340 and 4350 Glendale-Milford Road are class B office buildings originally built in 1987 that feature recently upgraded common areas, two-story atrium with skylights and free parking. Blue Ash Business Place III, located at 4352 Glendale-Milford Road and built in 1990, is a nearly 74,500-square-foot office/flex building, according to a Cincinnati Business Journal article. The office space at the business park was about 90% occupied at the time of sale, while the flex space is about 75% occupied. The new ownership group will be making some improvements to the property, but declined to share how much it expects to invest.
For more news and information visit Blumberg Partners.
No comments:
Post a Comment