Suburban Cincinnati Office Portfolio Trades

Summit Woods. Image courtesy of Marcus & Millichap

Shelbourne Global has acquired Summit Woods, a two-building portfolio totaling 214,570 square feet of office space in Sharonville, Ohio, a Cincinnati suburb. Marcus & Millichap procured the buyer and represented the seller, a private owner who sold the assets for $22 million. According to CommercialEdge data, the properties are subject to $19.8 million loan, originated by First Financial Bank.

Located at 50 and 400 E. Business Way, the buildings are roughly 18 miles from downtown Cincinnati and close to Interstate 275. Large businesses within a 6-mile radius include a Ford Motor Co. plant, General Mills and UnitedHealth Group.

The two four-story buildings completed in 2006 and 1015 occupy some 12 acres in total. Summit III is occupied by a mixture of tenants, ranging from startups to companies in the medical and education fields, including Clarify Wealth Management, QC Software and Brixey & Meyer. Summit Wood IV is home to Shoptech Software.

The Marcus & Millichap team included Senior Managing Director Joseph DiSalvo, Senior Associate David Peirce and First Vice President Alexander Nulf.

The office sector continues to be affected by the crosswinds of hybrid work and more recent economic turbulence. Nonetheless, office-using sectors of the U.S. economy added 100,000 jobs in June, for a total of roughly 1.6 million for the first two quarters of 2022.