Time Equities Increases Cincinnati-Area Portfolio with Office Buy
The deal for 302 West Third marks Time Equities’ third acquisition in the Tri-State Region over the last two years. Other notable regional acquisitions include Brookside Industrial Park in Indianapolis and the Arbor at Montana Apartments in Cincinnati.
CINCINNATI, OH—New York City-based Time Equities Inc. has added the 302 West Third office building here to its portfolio of industrial and multifamily properties in the region.
302 West Third, built in 1915 and renovated in 2001 and 2016, consists of nine stories and 177,624 square feet. Current tenants at the landmarked property include Al Neyer, Inc.; Baxter Hodell Donnelly Preston, Inc.; Immedion, LLC; Musillo Unkenholt, LLC and Grey Advertising.
The deal for 302 West Third marks Time Equities’ third acquisition in the Tri-State Region over the last two years. Other notable regional acquisitions include Brookside Industrial Park in Indianapolis and the Arbor at Montana Apartments in Cincinnati.
No financial details of the transaction were disclosed.
The acquisition was led by Max Pastor, TEI’s director of acquisitions and senior counsel, and Brian Soto, director of acquisitions and asset management for Time Equities. A Cushman & Wakefield team, led by Michael Sullivan, represented the seller, an affiliate of HighBrook Investors of New York City.
“Our expansion within region has been well documented as we recognize the region’s favorable market fundamentals, resiliency and ability to weather future risks we anticipate to be exacerbated by climate change,” TEI’s Pastor says. “To that end, we are very bullish on Greater Cincinnati and the cities surrounding it and plan to remain active in purchasing value-add assets that align with our sustainable long-term investment strategy.”
TEI states that its business plan is to further enhance the property to position the building as the best-in-class destination for creative and traditional tenants seeking modern loft-like work spaces.
“At 302, we are beginning with an almost completed canvas with the current tenants having attractive, modern buildouts.” Soto notes. “We look forward to additionally enhance the property by making selective improvements to the current building amenities providing our existing and new tenancy with upgraded conference facilities and a tenant amenity center.”
Last week, brokerage firm JLL reported that Time Equities had acquired the Hamilton Commons retail power center in Mays Landing, NJ for $60 million.