The Christ Hospital office building at 237 William Howard Taft Road sold for nearly $30 million.
An affiliate of Carter Validus, a privately held commercial real estate investment company headquartered in Tampa, purchased the 165,000-square-foot building from an affiliate of private equity real estate firm Oak Street Real Estate Capital in Chicago for $29.7 million. The deal closed July 29.
Officials with Carter Validus declined to comment. Oak Street Real Estate Capital could not be reached for comment.
The sale comes 19 months after Oak Street Real Estate purchased the building from Taft Offices LLC, an entity created by Al Neyer to own the project, for $22.5 million. That’s a more than $7 million jump in sale price in less than two years.
Taft Offices served as a minority business enterprise with the intent of offering a majority ownership interest to a group of local minority investors led by Albert Smitherman. It acquired 217 and 237 William Howard Taft in December 2011. The group renovated 237 Taft for Christ Hospital’s nonclinical and support functions. The former Syrian Shriner’s structure at 217 Taft was demolished to provide parking for Christ Hospital employees.
The building was built in the 1960s to serve as the headquarters for Ohio National Insurance Co.
The $20 million redevelopment of the former Ohio National headquarters complex in Mount Auburn received the “Best Deal” award from the Commercial Real Estate Council of Greater Cincinnati.
Previously, the 237 Taft building went through a full renovation in 2000 after it was acquired by Hamilton County to serve as a center for the Department of Job and Family Services. The building was vacated in 2010 due to budget cuts.
The sale shows commercial real estate in Greater Cincinnati continues to be attractive to outside investors, which the Courier reported in a cover story last year.