May 20, 2019 Comments Off on Viking Acquires Cincy-Area Office Asset in JV with DRA Views: 138 Midwest, National News, Ohio

Viking Acquires Cincy-Area Office Asset in JV with DRA

Cincinnati-based Viking Partners Fund IV, LLC acquired Towers of Kenwood, a Class A, 404,425-square-foot office building in suburban Cincinnati. Viking Partners bought the seven-story property in a joint venture with a fund managed by New York City-based DRA Advisors LLC for a reported $80.6 million. The seller was a JV between Hines and an affiliate of Oaktree Capital Management LP.

Viking Partners’ Bret Caller says, “The Kenwood office market provides us with a strong value-add opportunity for rent growth. Towers of Kenwood is a best-in-class asset located within an extremely attractive office sub-market, and conveniently close to numerous surrounding amenities.”

The Viking and DRA are planning additional capital improvements to the 97%-occupied asset at 8044 Montgomery Rd., including upgrades to restrooms, corridors and lobbies.

Cushman & Wakefield’s Capital Markets team in Cincinnati handled the deal.

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