Newmark is pleased to announce that the firm has been appointed as the exclusive real estate broker for the redevelopment of the former Procter & Gamble Sharon Woods Innovation Center in Blue Ash, Ohio. The Blue Ash campus was acquired by RER Ventures LLC (RER) and Vandercar LLC (Vandercar).
RER is the investment vehicle for RER Financial Group, one of the nation’s major real estate and financial consulting firms whose primary business is the evaluation, due diligence, asset management, capital recovery, marketing and disposition of real estate and real estate related assets. Vandercar is a commercial real estate development company focused on providing development services to high-credit retail, office, and industrial clients. The company specializes in identifying, assembling and developing challenging properties often overlooked by other developers. Vandercar is also the owner and lead developer of the Summit Park development two miles to the south on the former Blue Ash Airport site.
The 132-acre property stretches one-third of a mile along Reed Hartman Highway on the north end of Blue Ash, from Sharon Woods on the west to Grooms Road on the east. The site is easily accessed from I-275 and is located within 10 miles of 28 percent of all Greater Cincinnati households. Newmark Executive Managing Director Doug Altemuehle and Managing Director Darin Armbruster were hired by the new ownership group to lead the brokerage team marketing the property.
“Today’s employers are looking for work environments that allow them to recruit the best talent, communicate their brand, and embody company culture with flexibility, security and control,” said Altemuehle. “The interest we are attracting from numerous corporations tells me there is unmet demand for a different workplace solution that this site delivers.”
“The Blue Ash campus is the largest corporate campus site in Greater Cincinnati and allows for a mega-scale development opportunity unlike anything else in the market,” said Steve Dragon, executive vice president of Vandercar. “The site could support more than 8,000 employees and has the capacity to increase Blue Ash’s Class A office market by nearly 50 percent.”
“We are ecstatic that Newmark has already attracted the interest of large employers looking to establish headquarters operations at this site,” said Daniel Medina, director of acquisitions for RER. “The responses we are getting support our vision of this being the most desirable redevelopment site in all of Greater Cincinnati, with limitless potential.”
The city of Blue Ash reports that 2,300 of the most successful companies in the region and across the globe are located in Blue Ash due to the vibrant business climate, convenient access, low business operating costs, and access to a diverse and talented workforce of 1.1 million.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark”), is one of the world’s leading commercial real estate advisory firms. Newmark has over 4,600 employees in over 120 offices. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents. With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. We offer a complete suite of services and products for both owners and occupiers across the entire commercial real estate industry.
Our investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting and, under trademarks and names like Berkeley Point and Newmark Capital Markets, government sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Our occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. We enhance these services and products through innovative real estate technology solutions and data analytics designed to enable our clients to increase their efficiency and profits by optimizing their real estate portfolio. We have relationships with many of the world’s largest commercial property owners, real estate developers and investors, as well as Fortune 500 and Forbes Global 2000 companies. For further information, visit www.ngkf.com.
Newmark, which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
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