Purchase of 37,500 square foot building will improve district2011-01-19-140236CIMG0075-edit-news release

Neyer Properties has purchased a 37,500 square foot office building within Red Bank Village Development in Fairfax.

The office building was built in 2007 by Miller Valentine and is currently occupied by DaVita Dialysis and MBA Insurance. Thirty thousand square feet is currently available.

“We are committed to further increasing value to the Red Bank Expressway corridor,” said Dan Neyer, Neyer Properties president. “This continues our goal of expanding our portfolio with properties that display high-quality construction in well-located areas.”

Neyer was able to complete the purchase within two weeks of the signed contract.

The building, located on Red Bank Road, offers easy access to I-71 and US-50, as well as Erie Avenue and Madison Road. It is located within the development owned by Regency Centers. Other business within the complex include Wal-Mart, Riesenfeld, and small retail outlots.

The building is constructed with Class A finishes. Neyer said the property is ideal for office and medical tenants.

Neyer Properties began transforming the Red Bank corridor in 2001, when the company purchased a 12.5 vacant acre lot from the city of Cincinnati and built the 166,000 square foot Red Bank Crossing business, medical office and mixed-use retail development. Red Bank Crossing, completed in 2008, is a market-driven development valued at $25 million. It is 98 percent leased.

Increasing occupancy at both developments will improve the tax base and generate jobs for the area, said Jennifer Kaminer, Fairfax village administrator. “The additional companies will also drive more traffic to the site and entice highly-desired ‘sit-down’ types of restaurants and other quality retail that the village has been pushing for,” said Kaminer. “More office means that build-out of the site will happen sooner rather than later.”

Neyer will immediately begin improvements to the building, making it more visible and accessible for tenants an
d occupants. “We will improve signage for the building and incorporate eco-friendly components within the building,” said Charlie Pond, Neyer Properties building development director. Neyer will also be creating a new entrance on the south side of th
e building to provide better access to the building from the parking lot.

The company also plans to re-position and increase the potential value of Red Bank Village by incorporating green features such as the use of recycled and regional materials; high-efficiency lighting; and moisture sensors to the irrigation systems to avoid excessive watering.