The company had considered leasing the property, says Rusty Meyers with Cincinnati Capital Partners. "They're a global services firm, they just decided to buy the property," he says. He represented the owner Milford Partners LLC, a subsidiary of Griffin Capital, in the sale, along with Jeff Bender, Kim Bertke, Jim O'Connell, Thomas Powers and Mike Sullivan from Colliers Turley Martin Tucker.
The property was built in 1992 by the James River Corp., a paper manufacturer now known as the Fort James Corp., as an industrial facility. Tata plans a $7 million redevelopment of the building, sources say.
"It was converted over to office use, and at one time had laboratories in there," Meyers tells GlobeSt.com. The building still has two tenants in the property, but their leases will be out by the end of the year, he says.
Meyers says this area, the Clermont County market of Cincinnati, has been pretty active with office use. "There's a few headquarters facilities, including a big research facility for International Paper, and TQL Logistics recently got into a 120,000 sf headquarters building.
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