Thursday December 18, 2014

Unlikely Investors Succeed In Real Estate Deal

Albert Smitherman is shaking up the local commercial real estate investment business – testing the power of grass-roots community influence to create wealth.

He helped organize a group of 43 investors – many of them black, female, middle-income or complete novices to real estate investing – to participate in a deal that led to a $22.5 million sale of a building now largely occupied by Christ Hospital…

The more than 50-year-old Corryville building occupied by Christ Hospital was the group’s initial foray into real estate investing.

It largely housed Hamilton County offices until 2010, when most of its employees moved out in the midst of county cutbacks. The county sold the building to real estate development firm Al. Neyer because it was mostly vacant and expensive to maintain.

Neyer officials also bought the Syrian Shriners’ hall next door to have a bigger space and better shot at marketing the property to potential tenants.

Al. Neyer paid nearly $7.6 million for the two properties.

Al. Neyer wanted to redevelop the property for growing healthcare institutions, and Christ Hospital wanted to consolidate operations scattered across the region. (more) – The Cincinnati Enquirer

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