Tuesday, June 15, 2010

Sharonville purchase Neyer Properties' largest ever

Neyer Properties has completed its largest transaction ever with the acquisition of Gateway 75, a 1.1 million-square-foot office, distribution and bulk warehouse building in Sharonville.

Constructed in the late 1970s for Montgomery Ward, the 71.8-acre Kemper Road property was most recently owned by Macy's, Inc., which still occupies 100,000 square feet. The remaining 985,000 square feet represents the second-largest contiguous, available space in the Cincinnati market, with only the former Ford Motor Company plant in Batavia being larger.

"Gateway 75 continues the acquisition approach that we have taken," said Dan Neyer, company president, in a media release. "We pursue properties that are very visible and accessible at values substantially below replacement costs, then transform them to achieve increased value. Gateway falls perfectly into this category."

Neyer plans add 18 dock doors to the west side of the building, allowing cross-docking to the facility. A new paint job, updated landscaping and signage, and improved stormwater retention areas will make the building more attractive to lessees.

"We plan to invest over $3 million dollars on these improvements to the site and building, which will update the building and grounds and provide additional amenities to attract the quality tenants that this building deserves," Neyer said.

Neyer also plans to make Gateway 75 one of the first industrial buildings to be certified LEED for Existing Building Operations Management, and is looking into creating the Midwest's largest solar photovoltaic project.

The developer is in talks with several groups about the possible installation of an up to 6-megawatt system, which could generate an annual carbon offset of nearly 10 million pounds a year.

Neyer Properties now has purchased more than 1.5 million square feet of buildings within the last nine months, and plans to acquire $40 million in regional assets this year.

"When I founded this company in 1995, my goal was to transform greater Cincinnati as a great community to live, work and play in," Neyer said. "I'm happy and proud of the company our employees, tenants and stakeholders have helped us build over the past 15 years. I feel we are making a positive difference for future generations to follow."

Previous reading on BC:
Sale brings new buyer for FBI move to Sycamore (6/14/10)
Ridge Pointe site declared safe for building (11/10/09)
Sycamore to consider FBI proposal on Monday (8/6/09)
New Red Cross HQ gets more parking room (5/27/09)
Neyer Properties requests additional parcel to be added to Keystone Parke (5/18/09)