Neyer Properties continues its aggressive expansion with the purchase of three Blue Ash office buildings. Neyer recently closed on Northmark I and Remington A and B located on Alliance Road and Malsbury Road, respectively.
Northmark I is a three-story, 104,000 square foot building; Remington A and B are two single-story buildings totaling 77,400 square feet. These buildings are Neyer’s first purchase as part of Neyer Properties Fund IV, L.P., which the company closed in July 2015.
“As a City dedicated to building a thriving community, we are excited to make new connections in our neighborhoods. In the past, the partnership with Neyer Properties has been a catalyst for our City’s continued growth, and we anticipate even further development as we welcome them to Northmark I and Remington,” said City of Blue Ash Mayor Lee Czerwonka.
With this acquisition Neyer becomes the largest Blue Ash office landlord, owning approximately 565,000 square feet in the submarket.
Neyer purchased both buildings after being approached by another party, who recently closed on the entire Duke Blue Ash and Mason office portfolios. “Due to the compressed time frame needed to complete the transaction, the Seller wanted a buyer who could perform and would do so quickly,” said Jared Wendling, Acquisitions Manager. Neyer had less than 30 days to complete all due diligence and close on the properties.
At Northmark, Neyer plans to renovate the lobby, common corridors, and restrooms to enhance the tenant experience. The landscaping on and around the site also will be modified to increase visibility from Reed Hartman Highway. Remington will also receive updates to its common areas and signage opportunities. Neyer is also looking at various options to increase the parking at the site. These improvements will begin immediately.
Vacancy of Class A office buildings in the Blue Ash submarket is currently sub 10 percent. “With Class A vacancy continuing to decrease, Class B buildings such as Northmark and Remington will become more attractive for tenants seeking a more cost effective option that still want to be in this submarket,” said Wendling.
This purchase marks Neyer’s seventh building acquisition in Blue Ash within the last 18 months. Neyer purchased Fountain Pointe I and II in 2014; Vista Business Center in 2013. Keith Yearout of CBRE assisted in this transaction.