Out-of-Town Investor Acquires Pictoria Tower for Nearly $26M
- May 17, 2016
Cincinnati—Privately held real estate investment company Fairbridge Properties recently announced the acquisition of Pictoria Tower, an eight-story office property located within the Pictoria Corporate Center. Fairbridge paid MEPT Pictoria LLC $25.7 million for the building, which is currently 98 percent leased.
Thomas Powers and James O’Connell, executive managing directors, along with Michael Sullivan, senior vice president of Cushman & Wakefield, represented the seller in the transaction. Cushman & Wakefield will also manage the asset for Fairbridge.
Pictoria Tower is a Class-A office property totaling 252,985 square feet of space located at 225 Pictoria Drive. The building features a state-of-the-art conference center and recently-upgraded lobby, which includes a two-story water wall with various natural elements in a park-like setting. Pictoria Tower is situated close to Interstate 275, Interstate 75 and Route 4, as well as various shopping, restaurants and entertainment venues. Tenants benefit from a seven-level parking garage, which is immediately adjacent and linked to Pictoria via a covered walkway.
“We were immediately attracted to this property given the building’s excellent condition, and its impressive list of strong, long-term tenants, which will provide stable cash flow,” Dr. Dmitry Gordeev, Fairbridge Properties’ founder & managing partner, said in prepared remarks. “This property met all of our investment criteria, including a location in the vibrant Cincinnati metro area which is quickly becoming a top destination for companies.”
“With some of the world’s most prestigious and dynamic companies setting up new operations in Cincinnati, we view Pictoria Corporate Center as an ideal investment to add to our growing portfolio of secondary-market properties with high upside potential,” Gordeev added. “The re-emergence of Cincinnati as a thriving business hub is a key value driver for this property, along with numerous operational and infrastructural efficiencies that we plan to implement immediately.”
Currently there are 4,000 square feet available in the building, with Rusty Myers, executive vice president with JLL as the listing agent for the space. Tenants in the building include First Financial Bancorp, Northcorp Grumman Corp., Beckfield College, Health Span, Ameriprise Financial, Yusen Logistics and Ultimus Fund Solutions LLC.
Image courtesy of Fairbridge Properties