Neyer Properties, based in Cincinnati, recently purchased the nearly 400,000-square-foot Watson’s portfolio. The portfolio is made up of four buildings, three of which are retail and the other industrial.
The buildings are in the Cincinnati, Florence, Dayton and St. Louis markets.
Keith Yearout of Newmark Knight Frank represented the seller.
“This portfolio appealed to use because of the credit of the tenant, the long-term leases adn the excellent locations of each building,” said Dan Neyer, president and chief executive officer of Neyer Properties.
The sale/leaseback transacton will allow Watson’s to free up capital as it looks to expand into additional markets. This is the first time that Watson’s has sold its own real estate.