Neyer Properties has purchased the 138,800 square foot, Executive Center III in Springdale for $7 million.
Located along Princeton Pike, just south of Tri-County Mall, Executive Center III is a four-story building. The building is approximately 50% occupied, but Neyer has worked closely with Cincinnati Bell to master lease the entire building upon purchase, making the building 100% occupied. Cincinnati Bell will remodel existing vacancies and expand as needed as other tenants vacate.
“This master lease, with the ability for Cincinnati Bell to purchase the property five years from now, allows for recognition as a capital lease and satisfies some of the recently imposed FASB accounting rules for lease recognition,” said Neyer Properties CEO Dan Neyer.
Cincinnati Bell will be consolidating three existing locations into Executive Center III. Several improvements are planned at the building including renovating the common areas, and updating the mechanicals, roof, and HVAC.
Doug Altemuehle with Newmark Grubb Knight Frank represented Cincinnati Bell.
Neyer Properties has acquired over 3.1 million square feet in the last four years. The commercial real estate and development company is actively seeking acquisitions in Cincinnati, Columbus, Indianapolis, Louisville and Lexington.