Neyer Properties has purchased Gateway West Office Park (formerly known as Holiday Office Park), a three building office campus located just west of Cincinnati’s central business district.

The office campus, at the corner of Linn Street and West Eighth Street, is comprised of two five-story buildings and one twelve-story tower. Combined, the three buildings consist of 350,000 square feet of space.

The buildings offer excellent visibility from both I-75 and Route 50 and are easily accessible to north and southbound I-75, Route 50, and the Cincinnati CBD. In addition to the accessibility, the site offers abundant surface and covered parking making Gateway West Office Park one of the few office parks in or near the CBD that has free parking and immediate access to downtown.

“The central location, easy access to the highway, free parking, and low occupancy cost have continued to make Gateway West an attractive option for tenants,” said Scott Abernethy with Cassidy Turley, who has been one of the listings agents for the property the last several years. “It is a great alternative to Class B space in the CBD, while being less than a mile from the core.”

Gateway West was purchased from the previous owner, First City Financial.

“This most recent acquisition reinforces our commitment to the City of Cincinnati and this corridor within downtown CBD. Centennial III, which we purchased in December 2012, also lies within this corridor,” said Neyer. “We have looked and continue to look at multiple buildings within the CBD, and this property fits our criteria from a value-add opportunity.”

Neyer plans to rebrand and redevelop the office campus. Neyer is also evaluating the conversion of one of the five-story buildings into a single-tenant use, similar to what Neyer orchestrated when Jedson Engineering decided to relocate to the Centennial I building for their company headquarters.

“Now that the park has been acquired by Neyer Properties, a strong, reputable local developer, we think the park will only continue to improve its image and occupancy,” said Abernethy.

The largest of the three buildings, located at 644 Linn Street, is the current home for Paycor, Duke Energy, Alzheimer’s Association and several other tenants. About 67,000 square feet is available at 644 Linn, including majority of the top two floors. 801-A and 801-B West Eighth house several government agencies including Hamilton County Developmental Disabilities, Family Nurturing, and Veteran Affairs.

With this acquisition Neyer Properties has acquired approximately one million square feet within the last nine months, said Neyer. Due to the success of these recent acquisitions and the opportunities that Neyer has identified, they are proceeding forward with Neyer Properties Value-Add Fund III. This will allow for the company to maintain the current pace and to continue their appetite for high quality acquisitions, added Neyer.

The commercial real estate and development company is actively seeking acquisitions in greater Cincinnati as well as Columbus, Indianapolis, Louisville and Lexington. It seeks to purchase and redevelop another two million square feet over the next two years.