Spring Grove
Executive Summary
On September 30, 2022, 2201 Spring Grove LLC successfully closed on the off-market acquisition of a five-story industrial warehouse building consisting of 141,141 SF located in Cincinnati, OH. Previously owned and operated by document storage solutions company, Access Information Management (“AIM”), North Park Ventures (“Sponsorship”) identified the opportunity to enter into an 11-year term triple net sale-leaseback and acquire the property significantly below replacement cost. Lease terms included an in-place rent of $0.95 PSF with 2.25% annual escalations and two five-year extension options. Located in the second largest industrial submarket of Cincinnati, OH, with total inventory of 60MM SF and asset value of $2.9B, the property stands to benefit from the multiple interstates and major thoroughfares that connect it to the central business district.
Key Metrics
Vertically Integrated Capabilities
Acquisitions
Through our extensive network across the country, NPV specializes in sourcing and acquiring properties that offer superior risk-adjusted returns for our investors.
Development
With our team's 80+ years of combined experience, we are able to successfully execute developments ranging from ground-up projects to historic renovations.
Community Engagement
As part of the development process, our team engages with elected officials and community leaders to gather input to create projects that benefit the local neighborhood.
Entitlements
NPV works with local municipalities to pursue zoning changes and administrative adjustments when appropriate to allow for the highest and best use of a development site.
Asset Management
By being fully vertically integrated, our team employs a hands-on approach to every aspect of a property's operations to ensure compliance and optimize performance.
Construction Management
With decades of construction experience, NPV offers a full suite of construction services from pre-construction feasibility studies to post-construction warranty management.
Construction
As a vertically integrated real estate firm, NPV's affiliate, Quadrel Construction, is a fully licensed General Contractor able to perform a wide variety of construction projects.
Property Management
Our property management firm, Quadrel Realty Group, is committed to offering superior service and transparent lines of communication to all of our residents and commercial tenants.
Leasing
Our full-time in-house leasing team develops and executes marketing and leasing campaigns to achieve above-market rents in accordance with our leasing schedules.
High Value Design
Our team spends considerable time during the pre-construction phase to efficiently design unit layouts that maximize revenue and minimize operating expenses.