Thursday, November 11, 1999
INDUSTRY NOTES: REAL ESTATE
311 Elm signs two tenants
BY JOHN J. BYCZKOWSKI
The Cincinnati Enquirer
Duke-Weeks Realty Corp. has found two tenants for space at 311 Elm St., downtown, helping to fill a void left when Firstar Bank pulled out earlier this year.
Trivantis, which produces education courses for delivery on the Internet, is moving from Blue Ash to take 7,258 square feet at 311 Elm. Tim Loudermilk, president of the 3-month-old company, said downtown is more convenient for conducting business and for employees.
“Downtown's someplace where you can make something happen,” he said.
Scott Abernethy of Colliers International represented Trivantis, and Jay Morey represented Duke.
Returning to the region is the Loewen Group, a funeral home and cemetery operator. Until 1997, it had been a major tenant at Rivercenter in Covington, but financial trouble forced it to consolidate operations and close that office. It will take 8,000 square feet at 311 Elm. Don Murphy of Everest Group represented Loewen, and Mr. Morey again represented Duke-Weeks.
Still, there remain 50,000 square feet vacant in the 90,000-square-foot building. Ken Schuermann of Duke-
Weeks said talks continue with several potential tenants, and new leases could total 30,000 square feet by the end of the year. He added that the company is spending $150,000 to renovate common areas in the building.
Golden Corral builds on land from Harrah's
The opening of a Golden Corral buffet restaurant in January will be the first item served from Harrah's smorgasbord of real estate in Florence.
The casino company owns about 50 acres in the area, acquired after it called in a loan from former Turfway Park owner Jerry Carroll. Harrah's loaned Turfway $25 million in 1993, when there was some hope that Kentucky laws might be changed to allow the opening of gambling casinos.
That loan became due last year, and in June 1998, Boone Circuit Court Judge Joseph Bamberger awarded Harrah's 50 acres near the track. Mr. Carroll and his partners later sold their interest in the track, and Harrah's is now its part owner.
Frisch's Restaurants bought 2.2 acres for the Golden Corral last spring. Colliers International is broker for the land. John Frank of Colliers said there's a great deal of interest in 10 acres next to Turfway Ridge Office Park for further office development. There's also interest in a large plot next to the Bigg's/Lowe's shopping center on Houston Road (the Golden Corral will be built on an outlot there).
“Our land is becoming the only real prime land available for retail development,” Mr. Frank said.
Midland Atlantic focuses on retailers
Though barely a year old, Midland Atlantic Development Co. of Kenwood is going back to its roots.
Midland Atlantic grew from the ashes of Midland Group, which developed dozens of Kroger-anchored shopping centers before it was acquired by Regency Realty Corp. in 1998. Managing principal John Silverman wants to continue to develop shopping centers but broaden the portfolio to include more retailers.
But first, back to Kroger: Midland Atlantic broke ground on a 115,000-square-foot shopping center in Rocky Mount, Va., to be anchored by the grocer, the first Kroger deal since the company formed last year. The project is being financed by Bank One of Cincinnati.
Locally, the company submitted the best bid on 75 acres of the former Voice of America site in Butler County, paying $6.8 million for the land at Tylersville Road and Cox Road. Planning is moving ahead for a grocery-anchored development there.
Grubb & Ellis helps 3 lessors find space
Grubb & Ellis has announced three leases:
• PACE, a Sylvan Learning company, has signed a five-year lease on 1,618 square feet in the 5900 Building, 5900 West Chester Road in West Chester. The office will serve as a regional office for 50 PACE consultants. Nate Sprong brokered the deal.
• The law firm Brooking Brooking & Kendrick signed a long-term lease on 2,460 square feet of office space at Turfway Ridge Office Park in Florence. Bob Martindale brokered the deal.
• Midwest Express Trucking signed a five-year lease on 5,065 square feet at Commerce Center I, 1459 Jamike Ave. in Erlanger. The company is moving from a smaller location in Erlanger.
Mr. Martindale also brokered this deal.
Got news? Call John Byczkowski at 513-768-8377, or e-mail him at johnb@enquirer.com.
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