Wednesday May 23, 2018

Al. Neyer, Minority Investors Sell Office Buildings For $75 Million

From Tom Demeropolis at the Cincinnati Business Courier:

“Two office buildings in Avondale recently sold to a Chicago-based real estate investment firm for more than $75 million.

The Offices at Vernon Manor and the Offices @ Vernon Place, located at 400 Oak St. and 2905 Vernon Place, respectively, were sold by a group of local developers and investors to an affiliate of 90 North Real Estate Partners for more than $75.2 million. It’s one of the largest office sales of the year in Greater Cincinnati, but it also represents the completion of two unique developments that increased minority investment in commercial real estate and improved the community.

The Offices at Vernon Manor and the Offices @ Vernon Place total 317,000 square feet and are occupied by Cincinnati Children’s Hospital. Both projects are unique because they were developed thanks to majority investment by African-American investors.

Ed Rigaud, president of Real Estate Enterprises for African American Leaders LLC, said these projects helped the African-American community realize its own power. There is wealth in the African-American community that is looking for investment opportunities in the community, but they “haven’t learned the game yet,” he said.

“Now they do,” Rigaud said. “It’s late, but better late than never.””

 

Click here to read more from Tom Demeropolis at the Cincinnati Business Courier 

 

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