Property’s Price Jumps in Just 19 Months
- Aug 04, 2015
By Adrian Maties, Associate Editor
After only 19 months in the hands of its new owner, a Cincinnati office building has traded again for a healthy $29.7 million.
The Cincinnati Business Courier reports that an affiliate of the Tampa-based Carter Validus purchased the Christ Hospital office building at 237 William Howard Taft Rd. from an affiliate of Chicago’s Oak Street Real Estate Capital. The deal closed on July 29.
This is the second time the property has changed owners in less than two years. PropertyShark reports that Oak Street purchased the asset on December 26, 2013, from Taft Offices L.L.C., an entity controlled by Al Neyer. Since then, the building’s price has jumped more than $7 million.
According to Hamilton County, 237 William Howard Taft Rd. was constructed in 1960 on an 8-acre site. It has four floors and offers a total of 177,673 rentable square feet. Christ Hospital leased about 150,000 square feet of space and moved into the facility in 2012.
The sale is the latest in a series of significant transactions that have unfolded in Greater Cincinnati this summer, such as the acquisition of the industrial building located at 8878-8910 Le Saint Drive in West Chester Township or Lone Star’s acquisition of the 295-key Cincinnati Marriott North and that of the three office buildings formerly owned by Equity Commonwealth.
Photo credit: Hamilton County