Hawthorne Center in Blue Ash Sold to Georgia Real Estate Firm for $16.6M
- Jun 25, 2012
By Adrian Maties, Associate Editor
OA Development, a commercial real estate investment firm based in Atlanta, has purchased the Hawthorne Center, a 135,000-square-foot Class A office building in Blue Ash. The $16.6 million deal represents the company’s seventh acquisition in less than 18 months.
The low-rise building was constructed in 2001 on more than seven acres. It features a beautiful two-story atrium, indoor executive parking and state-of-the-art HVAC and mechanical systems. Al Neyer Inc. was the developer of the five-story building.
The Hawthorne Center is more than 94 percent occupied. Coca-Cola Refreshments is leasing more than 50 percent of the building through 2016. Another company, F&W Media Inc., also leases a large portion of the building through 2021.
The property was listed for sale by James O’Connell, executive managing director with real estate brokerage firm Cassidy Turley. “OA Development was able to negotiate pricing, submit a contract, do its due diligence, put together the equity and debt pieces and close without a hitch all in about 75 days, which is a very admirable accomplishment.” he stated in a press release. OA Development paid for the building using 50 percent equity with capital provided by investors in Atlanta and Israel.
Steve Berman, OA Development partner, said that the company’s investors ”continue to partner with us on acquisitions because of the sizable dividends that OA Development continues to deliver.” He added that the acquisition of Cincinnati’s Hawthorne Center allows OA Development ”to diversify risk for our investor partners by entering into a new market. They know that our due diligence process is consistent regardless of the market.”
OA Development was founded in 1993 as a commercial brokerage firm. Over the years, it evolved into an industry leader not only in commercial real estate brokerage but also investment, development and management. Since it was founded, the company has developed and acquired more than 3 million square feet of commercial space throughout the United States, totaling more than $325 million.
Image courtesy of www.OADevelopment.com.