Neyer expanding portfolio despite economy
Neyer Properties continues its acquisition and transformation of the regional real estate landscape with the purchase of a 200,000 square foot industrial building in Urbana, Ohio and 46 acres along River Road in Cincinnati.
The building in Urbana is fully leased to Navistar, a producer of International® brand commercial trucks, diesel engines and IC brand school buses. The building is positioned on 13.13 acres with an additional 4.6 acres available for potential expansion.
“The seller wanted us to bring a buyer that could perform, that was well capitalized and has great lending relationships, “said Keith Yearout of CB Richard Ellis. “This is why we choose Neyer Properties.” Keith Yearout, Jim Vondran and Hank Davis of CB Richard Ellis represented the owner in this transaction.
Neyer has also purchased 46 acres along River Road (US-50) and Southside Ave., just west of downtown Cincinnati. This property gives specific users the opportunity to capitalize on one of the last remaining large industrial intermodal sites that provides easy access for trucking, railroad, and the Ohio River. Stuart Hodesh of Hodesh & Associates assisted in this transaction.
“Our property is adjacent to numerous businesses that facilitate commerce on the river. These businesses are thriving within the Cincinnati region,” said Jeff Chamot, land development manager at Neyer Properties. Neyer Properties is also working with the City of Cincinnati and the local communities of Sedamsville and Riverside to come up with a comprehensive development plan for the overall site.
The City of Cincinnati owns 22 acres adjacent to Neyer’s acquisition. “We are actively working with the City of Cincinnati to install improved access to the site as well as grading and upgraded utilities,” said Chamot. “We hope to have these infrastructure projects completed early next year.”
Neyer is actively seeking out industrial, manufacturing, and other end users for this site.
Both acquisitions follow Neyer’s strategy of focusing on value-added real estate opportunities that require a comprehensive solution to successfully restructure or reposition a property. Neyer looks for well-located properties to purchase and reposition to meet the needs of new tenants and end users.
As a company, Neyer Properties has acquired more than two million square feet of space over the past two years and plans to continue expanding its over 3.5 million SF portfolio. The commercial real estate and development firm is positioned to purchase and redevelop another 2 million SF over the next two years.