23-month turnaround produces Sharp profit.FLORENCE, KENTUCKY This article is about a city in the US state of Kentucky. For the city in Italy, see Florence. For other uses, see Florence (disambiguation). Florence is a city in Boone County, Kentucky, United States. The population was 26,349 at the 2005 census. : New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of investors, Ivan Wolpert and Matt Sharp, have sold Turfway Ridge Office Park, a 219,000 s/f property located in the Cincinnati suburb of Florence, Kentucky. The sale price was $23,700,000 to a national 1031 exchange buyer. Wolpert and Sharp purchased the property 23 months earlier for $18,500,000. The two class A office buildings are 88% occupied by about 30 national and regional tenants. Sharp said, "The asset is the best office property in a terrific market and we hate to let it go. However, like everyone else, we have a fiduciary fiduciary (fĭd  `shēĕ'rē), in law, a person who is obliged to discharge faithfully a responsibility of trust toward another. obligation to our investors and could not turn down
this offer."
At the time Wolpert and Sharp purchased the property, it was 74% occupied with the majority of the occupied space under leases expiring within two years. After upgrading and redecorating certain common areas, the owners re-introduced the property to the leasing brokerage community and aggressively marketed the available space. Within 18 months, the largest tenant had renewed for five years and new leases were signed with several tenants totaling over 30,000 s/f. Wolpert and Sharp own additional property in the market and are in contract to purchase another office building in nearby Cincinnati. Sharp stated that his group is focused on high-growth submarkets in certain Midwestern cities that are largely overlooked by institutional and national investors. "The economic and demographic growth and the diversity of industry in certain submarkets in Indiana, Ohio and Kentucky continue to be extraordinary," he said. Wolpert, who owns a significant portfolio of office and apartment properties in the New York metropolitan area New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. , agreed adding, "The major population centers on the East Coast have been overheated o·ver·heat v. o·ver·heat·ed, o·ver·heat·ing, o·ver·heats v.tr. 1. To heat too much. 2. To cause to become excited, agitated, or overstimulated. v.intr. for years making it difficult to generate solid returns or value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. opportunities. Properties in certain growing Midwest submarkets offer better growth stories and much better returns". The partnership, which operates as joint venture between Wolpert's Belle Harbour Capital and Sharp's Milton Point Investments, seeks opportunistic opportunistic /op·por·tu·nis·tic/ (op?er-tldbomacn-is´tik) 1. denoting a microorganism which does not ordinarily cause disease but becomes pathogenic under certain circumstances. 2. office, warehouse and multifamily acquisitions in certain growth corridors located in otherwise stable Midwestern cities. |
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