JLL Capital Markets announced today that it has completed the sale and arranged financing for 400 Oak St. and 2905 Vernon Place, a two-building office portfolio totaling 303,130 square feet in Cincinnati, Ohio.
JLL represented the seller, 90 North Real Estate LLP, and procured the buyer, Azora Exan. Additionally, JLL arranged the acquisition loan on behalf of Azora.
400 Oak St. is a seven-story, 156,000-square-foot building that was originally built in 1924 and renovated in 2011. Completed in 2017, 2905 Vernon Place consists of 147,130 square feet within a four-story building. The two properties are fully leased to investment grade tenant Cincinnati Children’s Hospital Medical Center for administrative functions as well as various nonclinical mission critical uses.
Both assets are positioned central to the Cincinnati Children’s surrounding network of clinical campuses and are located within the 65-acre Cincinnati Innovation District, which is home to leading research institutions, hospitals and universities. In addition, 400 Oak St. and 1905 Vernon Place are less than 10 minutes from Cincinnati’s central business district and 20 minutes from the Cincinnati / Northern Kentucky International Airport.
JLL’s Capital Markets Investment Sales Advisory team representing the seller was led by Senior Managing Directors Jaime Fink and Bruce Miller and Senior Directors Sam DiFrancesca and Patrick Shields.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Keith Largay and Director Lucas Borges.