Neyer Properties has purchased three commercial properties valued at $10 million, the Cincinnati real estate investment, land development and commercial development company has announced.
The properties consist of a 250,000 square foot office and warehouse on 12 acres at 801 Garver Road in Monroe; the Porter Paints building at 4600 Reading Road in Cincinnati; and a 20,000 square foot office/warehouse building on 7251 E. Kemper Road in Sycamore Township.
The single-tenant building on Garver Road is occupied by Diversapack, which signed a 10-year lease with Neyer Properties. Neyer purchased the building from P&S Property Investments. Diversapack is a manufacturing and packaging company for the beauty care industry whose clients include Procter & Gamble, Sun Products, and Bath & Body Works.
Porter Paints has occupied the 13,150 square foot retail building on Reading Road for more than 50 years. Porter Paints, based in Pittsburgh, has more than 140 manufacturing facilities, and operates in more than 60 countries. It holds a 10-year lease with Neyer with an option to renew another 10 years.
The vacant Kemper Road facility, a 20,000 square foot building, was purchased and will be refurbished to reposition the building for single users looking to locate in this high-demand area.
“We think now is one of the best times to purchase commercial real estate,” said Dan Neyer, president of Neyer Properties. “Just two years ago there were 10 buyers for each seller; now there are 10 sellers for each buyer. This is why we are aggressively looking for value-oriented acquisitions now as compared to a few years ago.”
Neyer said his company is actively pursuing purchasing a variety of buildings to compliment its existing portfolio, not only in greater Cincinnati, but also in Columbus, Indianapolis, Louisville, and Lexington.
The company recently hired acquisition manager Traci Boeing to search out these external markets. “We are positioned to acquire another $40 million in assets over the next six to 12 months,” said Neyer. “I think in 2012 we will look back and say these last three years were scary, challenging, nerve-wracking and uncertain, but I am confident that it will show that these next few years (2009 – 2012) will be among our best years for creating value.”
Neyer Properties has history on its side to provide this optimism. During the last recession, from 2001 to 2003, Neyer Properties company assets more than tripled, the fastest growth period in the history of the 15-year-old company.
“At a time when most companies are pulling back or unable to obtain financing for commercial properties, we are able to secure financing due to the strength of our balance sheet and low overall leverage,” said Neyer.
Neyer Properties is located at the $100 million Keystone Parke, the tri-state’s first green office campus. The 68,000 square foot building is the first of four planned for its Evanston campus at I-71 and Dana Avenue.
Keystone Parke recently attained LEED® (Leadership in Energy & Environmental Design) Silver status. LEED is the U.S. Green Building Council’s leading rating system for designing and constructing the world’s greenest, most energy efficient, high-performing buildings.
The LEED system provides independent, third party verification of environmental performance, occupant health and financial return.
For more information about Neyer Properties, go to www.neyer1.com or call (513) 563-7555.