Neyer Properties continues its opportunistic real estate acquisitions with the purchase of two additional properties, Vista Business Center in Blue Ash and 400 Buttermilk in Fort Mitchell.
Located along Alliance Road, just south of the Reed Hartman and Pfeiffer Road intersection, Vista Business Center is a two-building office campus. Neyer purchased the property in August for $3.6 million. Vista Business Center I is a 63,000 square feet, 3-story office building. This building offers on-building signage, a rarity in the Blue Ash submarket, which is visible via Reed Hartman Highway. The second building, Vista Business Center II is a single-story office building totaling approximately 57,000 square feet. This building is ideal for office/medical office users requiring separate exterior access for individual identities. Ample parking exists for more users requiring above average parking counts. Larger tenants at Vista include Proctor & Gamble, Western & Southern Life, and Fox Sports International Media.
Neyer Properties has several improvements currently underway at the property. Upon acquisition, Neyer removed numerous overgrown trees on the property to improve the overall visibility of the buildings and will be installing new landscaping to further enhance the campus setting. At the three-story building, Neyer has begun renovating the main lobby and is reviewing options to relocate the main entrance to the front of the building to provide visibility from Reed Hartman Highway. The one-story building will receive exterior aesthetic improvements.
400 Buttermilk, branded Buttermilk Square by Neyer Properties, is home to the world-renown Montgomery Inn restaurant and the site of the former Oldenberg Brewing Company. Neyer Properties purchased the property for $2.25 million in August.
The layout of the building at Buttermilk Square is obsolete for today’s demand. Neyer plans to demolish the existing great hall to reposition the site for development which will provide a stronger presence for Montgomery Inn. The Montgomery Inn will remain open during demolition.
Where the great hall will be demolished, Neyer Properties plans to develop additional retail to compliment the existing Montgomery Inn and are exploring the development of an office/medical office building pad on the eastern portion of the property.
Neyer Properties has acquired over 3 million square feet in the last three and a half years, said Dan Neyer, and there are several more in the company’s pipeline. The commercial real estate and development company is actively seeking acquisitions in greater Cincinnati as well as Columbus, Indianapolis, Louisville and Lexington.