We’ve written a lot about the struggles that commercial real estate companies are enduring as they continue to work through the slumping economy. This is an important story. But sometime we forget that even though the industry does face a challenging economy, commercial brokers are still closing deals across the Midwest.
I received a reminder of this earlier this week, when Colliers International sent me a press release about the rather impressive sales successes of its Cincinnati office.
According to Colliers, brokers with the Cincinnati office closed the sale of four assets during the month of May. These sales — which took place in Cincinnati, northern Kentucky and Illinois — totaled more than $12 million in transaction value.
The largest of these transactions was a medical office building in northern Kentucky. The other three transactions involved a retail shopping center, a freestanding office building and an industrial building. It’s an interesting mix of properties.
It wouldn’t be right to not list the names of the brokers who negotiated these sales, so here they are, from the press release that Colliers sent:
Tri-State Gastro Land LLC contracted with Cincinnati Investment Services for the sale leaseback of its medical office building in northern Kentucky. The Colliers team of Christopher Prosser, Steven Timmel and Jeffrey Johnston completed the sale of the 34,456-square-foot user-owned building for $7.7 million to buyer Broadstone TSFA Kentucky LLC.
The second successful transaction, a retail center located in Rockford, Ill., sold for $2.4 million to ROA Development LLP. Colliers Cincinnati Investment Services in conjunction with Colliers’ Chicago Investments Services group were the exclusive adviser to the seller, Riverside Pavilion, LLC. The 87,125-square-foot Riverside Pavilion shopping center’s tenants include Cardinal Fitness, Domino’s Pizza, Weight Watchers and Stones Hallmark Shop.
The third asset, Crowne Point, was a unique transaction in that the court was petitioned for approval to sell the building out of receivership. “The lender was looking for a clearly defined plan to market the property and it was agreed that a quick sale to a user was the best strategy,” Prosser said.
The 25,600-square-foot building sold for $1.675 million to Cinelect Inc. Brian Graham served as exclusive adviser to the seller/lender, Wells Fargo, for the sale of 200 Crowne Point Drive, an office building located on 2.5-acres in Sharonville, Ohio.
The fourth asset, a 19,900-square-foot industrial building, was also a sale leaseback that sold for $930,000 to Gap Ridge LLC. The seller, Metalrax Group, engaged Colliers’ William Keefer for the sale of its industrial building in Erlanger, Ken.
— Dan Rafter