NYC Investor Goes Shopping, Buys Retail in Crescent Springs

By Adrian Maties, Associate Editor

Another Greater Cincinnati retail center has changed hands, proving the market’s continued appeal to local and out-of-town investors alike. The latest property to trade: Buttermilk Crossing in Crescent Springs, Ky.

According to the Cincinnati Business Courier, Buttermilk Crossing Owner L.L.C., a joint venture of Cohen Real Estate and American Commercial Realty Corp., sold the 78,012-square-foot community center for $11.3 million to an unnamed real estate family based in New York City. Helen Putterman, president of Cohen Real Estate, and Ric Kaiser, senior managing director, represented both the buyer and the seller. American Commercial Realty will manage the property.

Located at 2301-2341 Buttermilk Crossing, the center was 94 percent leased at closing. Its tenant roster includes such national retailers as Staples, Outback Steakhouse and Petco.

In recent months, investors have scooped up several significant Greater Cincinnati retail properties. Last October, New Jersey-based MetLife Core Property Fund GP L.L.C. paid $68.6 million for the 435,000-square-foot Voice of America Centre in West Chester Township. Weeks earlier, a joint venture of Cincinnati-based Jeffrey R. Anderson Real Estate Inc. and Kentucky-based P&P RE L.L.C. sold Kenwood Pavilion and Kenwood City Place to Colorado-based GDA Real Estate Services L.L.C. for $32 million.

Also in 2014, an affiliate of Inland Real Estate Corp. teamed with Dutch pension fund adviser PGGM to purchase the first and second phases of Northern Kentucky’s Newport Pavilion for close to $67 million.

Photo credit: Cohen Real Estate