Neyer Properties has sold Interstate Corporate Center, a nearly 35,000 square foot industrial/flex building located at 1375 Glendale Milford Road in Woodlawn. The building was purchased by the current occupant, Ad*Ex International.
“We were working with Ad*Ex to renew their lease when they expressed the desire to purchase versus expanding their existing building next door,” said Jared Wendling, vice president of acquisitions and dispositions.
Also included in the sale is 1.8 acres located immediately south of the building.
“This local acquisition supports our corporate plan for expanding the reach of our operations. This move will increase our campus footprint by 25% on our now 12-acre site,” said Tim Murphy, President and CEO of Ad*Ex International.
The purchase allows Ad*Ex to expand immediately. Additionally, the remaining vacant land provides opportunity for additional expansion in the future. “With multiple corporate opportunities for growth, this additional facility and acreage will allow key strategic avenues to be put in play while growing AD*EX International’s leadership position in the Tradeshow, Event and Permanent Environment arenas. This expansion will continue to give our outstanding personnel further opportunities to grow right here at our Cincinnati/Woodlawn Headquarters,” said Murphy.
The sale of Interstate Corporate Center marks Neyer’s third disposition this year as Neyer continues to look for opportunities to recycle its capital. The company is actively looking to acquire value add office, retail and industrial properties within a 200 mile radius of Cincinnati.
Neyer built the building in 2007; Ad*Ex has been a tenant since 2008.
Neyer Properties has acquired over 2.5 million square feet in the last three and a half years. The commercial real estate and development company is actively seeking acquisitions in Cincinnati, Columbus, Indianapolis, Louisville and Lexington.