RealINSIGHT Marketplace and Cushman & Wakefield are pleased to present:
This offering presents a unique value add acquisition opportunity of the nonperforming loan on Northmark II, a 99,901 square-foot, low-rise Class B suburban office property located at 10123 Alliance Road in Cincinnati, OH (the “Loan”, “Property” or “Asset”). Constructed in 1984 and renovated in 2006, the Asset is situated on a 6.07 acre site. The three story building is conveniently located across from Summit Park, a 130-acre regional park in the heart of Cincinnati’s inner suburb, Blue Ash. The Property offers 49 free covered spaces and 342 free surface spaces for parking. This is a ratio of 3.9/1,000 SF.
As of August 2018, the Property was 54.8% leased by two tenants. The two tenants in-place as of August include CTI-Clinical Trial (Sublease in-place to Kroger, 44,400 SF, 5/2019 expiration) and The Duracell Company (10,346 SF, exercised early termination for 10/2018). Therefore, by October 2018, occupancy will fall to 44.4%, leaving Kroger in-place as subtenant to CTI-Clinical Trial. This near-term rollover provides significant opportunity for a new owner to add value at an attractive new basis through various lease-up strategies; including: multitenant or single-user options with signage opportunity.
Prospective investors are afforded a unique opportunity to acquire a non-performing note secured by a value-add property within one of Cincinnati’s top suburban markets. The Note was originated in May 2007 with an initial balance of $9.1 million ($91 PSF). With maturity default occurring in June 2017, the foreclosure process has been initiated and a receiver has been appointed to handle property operations.
Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.
Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.
You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.
Blue Ash, OH
Platform fee for this transaction is 5.00% or a minimum of $25,000.
Cooperating brokers may be eligible for a 0.50% co-op fee if their client is the winning bidder. If you are a broker, click here to login and identify your client.