Cincinnati, OH, January 6, 2016 – CBRE Group, Inc. announced today that it facilitated the sale of Crossings of Colerain, an 85,498-square-foot retail center on the west side of Cincinnati. The property, which is located at the heavily traveled Colerain Avenue and Ronald Reagan Cross County Highway intersection, was largely vacant at the time of sale.
“Crossings of Colerain was very well received by investors,” said Hank Davis of CBRE’s Investment Property Group. “In today’s market, it is rare to find the ability to purchase a retail property with this much upside sitting on such a prime piece of real estate.”
The property sold for $2.4 million ($28.07 per square foot) to Crossings of Colerain, LLC, an out-of-market investor who focuses on the purchase of value-add retail properties throughout the U.S. The purchaser’s plan is to backfill the vacant spaces at the property with new retail tenants. Key tenants for the center currently include Wing Eyecare and ImmediaDent.
The seller of the property was not disclosed.
Hank Davis is part of the CBRE Investment Properties Group along with Jim Vondran and Keith Yearout.
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 2014 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.