The Holiday Office Park near downtown Cincinnati hasn’t had the most illustrious of histories. Several owners have taken a crack at operating the office park. And today, the park is nearly half vacant.
Even worse, one of its major tenants is scheduled to leave the office park this year, leaving even more empty space behind.
That, though, didn’t prevent brokers from the Cincinnati office of Cassidy Turley from selling the building.
Neyer Properties on Jan. 29 purchased Holiday Office Park, a three-building 349,000-square-foot office complex in Cincinnati. Cincinnati residents should be familiar with the chief executive officer of Neyer Properties; Dan Neyer is one of the region’s busiest and developers.
With the assistance of the Cincinnati office of Cassidy Turley, Neyer paid nearly $2.6 million for the complex, which is 51 percent occupied.
Challenges remain at the site, though. Paycor, the Cincinnati-based payroll-services provider, is relocating its more than 300 jobs and 65,000-square-foot footprint from Holiday to Norwood, Ohio, where it is building a new headquarters.
Those involved in the transaction say that the office park offers opportunity for its new owner, despite its high vacancy. James O’Connell, an executive managing director and principal at Cassidy Turley, who represented the seller in the transaction, summed up the hopes that he and others have for the property.
“The sale of the Holiday Office Park is a great example of a local real estate investor taking advantage of its experience and intuition by purchasing a property that seemingly has a number of issues,” said O’Connell, in a written statement. “But the buyer knows those issues can be dealt with via careful attention.”
Part of the reason why the purchase makes sense is the price that Neyer paid. That $2.6 million price tag doesn’t seem so high when the 10-acre property just in 2004 fetched $14.5 million.
“There is definitely a market for a property like Holiday Office Park,” said Peter Snow, an office broker, vice president and principal with Cassidy Turley, in a written statement. “The most logical users are nonprofits and government agences that need to be close to downtown.”