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April 15, 2014

PBY Partners Buys Central Parke in Norwood for $34M; Port Authority Taps CBRE to Market TechSolve II Expansion

By Adrian Maties, Associate Editor

In one of Greater Cincinnati’s largest commercial real estate deals of the year, 4600 Smith Road Holdings L.L.C. sold its Central Parke Business Park Portfolio in Norwood to PBY Partners, a group of local investors . The price of the transaction was $34 million.

The 811,670-square-foot portfolio consists of five office buildings, five flex buildings and a retail building called Grand Central Station, plus a seven-level parking structure with 1,400 spaces. Central Parke’s tenant roster includes Cincinnati Bell, Education at Work, Oak Ridge Associated Universities, U.S. Bank, TriHealth, ITT Educational Services, Fitworks and ADT Security Services.

Cassidy Turley represented the seller, 4600 Smith Road Holdings L.L.C. The Cassidy Turley team consisted of Executive Managing Director Jim O’Connell, Vice President Mike Sullivan and Executive Managing Director Tom Powers.

Just minutes away, another major business park is working to position itself for growth. The Port of Greater Cincinnati Development Authority has tapped CBRE Group Inc. to market the expansion of TechSolve II Park in Roselawn.

The 12.6-acre business park is being developed by the Port Authority in partnership with the city of Cincinnati and TechSolve. It is located just northeast of the fully leased, 143-acre TechSolve business park, where more than 2,000 people are employed. TechSolve II includes a newly renovated 25,000-square-foot building suitable for light, high-tech manufacturing, office use or distribution space. It can also accommodate 150,000 to 175,000 square feet of build-to-suit space. Michael  Whitten, Timothy Schenke and Jason Williams of CBRE”s Cincinnati industrial services group are marketing the property.

“TechSolve II is an ideal site for continued growth of advanced industry. It is unique in that it offers a modern, high quality, central location within the region that is easily accessible to the entire regional workforce,” said Gary Conley, president of TechSolve Inc., in a statement.

Photo credits: Google Maps.

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