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| Investors see Kentucky as sure thing |
Real Estate Weekly, May 4, 2005
New York investors Ivan Wolpert and Matt Sharp have acquired Turfway Ridge Office Park, a 219,000 s/f, class A office park in the Cincinnati suburb of Florence, Kentucky. The two office buildings are 75% occupied.
The ownership entity, BH Turfway LLC, has set aside $1,250,000 for capital improvements and leasing expenses and plan to re-introduce the property to the leasing brokerage community.
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CB Richard Ellis agents John Eckert and Scott Yards have been retained as the leasing agents.
Wolpert and Sharp plan to acquire additional commercial and multifamily properties to build a significant portfolio in the market. Mr. Sharp states that his group is focused on high-growth submarkets in certain Midwestern cities that are overlooked by institutional and national investors.
Wolpert who owns a significant portfolio of office and apartment properties in the New York metropolitan area, added, "The major population centers on the East Coast are overheated making it difficult to generate solid return or value added opportunities. Properties in certain growing Midwest submarkets offer better growth stories and much better returns.
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