Neyer Properties continues its acquisition and transformation of the regional real estate landscape with the purchase of two office buildings in Sharonville.
The office buildings total more than 148,000 square feet of space. Together, the two buildings are about 71 percent occupied. Steve Timmel of Colliers assisted with this transaction.
“One and Two Crowne Point have outstanding highway visibility and access,” said Neyer Properties President Dan Neyer. “We saw the ability to create value through making improvements in the right areas. These substantial improvements will breathe new life into the buildings, helping to sustain existing tenants and attract new ones.“
Neyer Properties has several improvements planned for both buildings. The parking lot and pedestrian lighting will be upgraded and both buildings will receive a complete repainting on the exterior. In addition, vegetation along I-75 will be cleared to increase visibility from the interstate.
On the interior, all restrooms and common corridors will be renovated. One Crowne Point’s main lobby will also be renovated. All renovations will start immediately and are expected to be completed by Spring 2013.
Earlier this month, Neyer Properties purchased Olympic Corporate Center I, an 88,000-square-foot office building in Erlanger. The company is looking for acquisitions in Columbus, Indianapolis, Louisville and Lexington, as it plans to purchase and redevelop another 2 million square feet in the next two years.