Cincinnati, OH, May 2, 2016 – CBRE Group, Inc. announced today that it arranged the sale of 111 Tri-County Parkway for $3.1 million. 111 Tri-County Parkway is a two-story, 42,000-square-foot office building located in Cincinnati’s Tri-County submarket. The property is 100 percent leased to Cincinnati Bell Technology Services (CBTS), which utilizes the facility as a support center for its help desk functions, bench testing and fulfillment services.
Keith Yearout, Jim Vondran and Hank Davis of CBRE’s investment properties group in Cincinnati represented OA Development in the transaction. The buyer was a California-based private equity investor, Wang Brothers Investment. This was its first acquisition in the Cincinnati market.
“Single-tenant buildings with short remaining lease terms are considered risky by most investors, but we worked with the buyer to underwrite a high renewal probability given the property’s strategic location and unique ability to meet the current tenant’s space needs,” Yearout said. “The buyer was ultimately attracted to the deal due to the central location and high-quality tenant.”
CBRE’s Cincinnati office provides a complete spectrum of commercial real estate services including asset services, brokerage services, corporate services, debt and equity financing, facilities management, industrial and logistics services, investment sales, office services, project management, research, and valuation and advisory services.
To request an interview with a CBRE professional, please contact Joe Ludwig at +1 513 369 1305 or joe.ludwig@cbre.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.