A group of local investors purchased a historic building in the heart of Walnut Hills with plans to fill it with office tenants.
The Cable House, a more than 55,000-square-foot building on Gilbert Avenue, was purchased by MS Properties1 LLC from ENKY Properties Inc. for $1.3 million. Will Skillman, a member of the investment group, said they purchased the building at 2245 Gilbert Ave. to improve it through hands-on management and make it a connection between downtown and redevelopment at Peebles Corner, which is less than a half-mile away.
“We’re going to breathe new life into it,” Skillman told me.
Skillman said the building is in good shape, but it will renovate each space per the needs of new tenants that move into the Cable House.
The new owners have hired Robert Louis Group, a minority-certified firm that provides brokerage, property management, facilities management and corporate services, to lease the Cable House.
David Hornberger, vice president and managing partner of Robert Louis Group, said the company is already working with a few prospective tenants to fill the building. They are targeting professional services and creative users because of the unique nature of the building.
The Cable House has exposed brick and rock walls as well as tall ceilings with exposed wood beams.
The building is currently about 70 percent occupied by tenants including RGI Inc. and UASI.
Fred Macke, brokerage senior vice president and principal with Colliers International, represented the seller. Skillman represented the buyers.
The new owners purchased a building in a neighborhood that is seeing a large amount of investment. More than $50 million in development has been completed since 2011 or is in the works in Walnut Hills.
Hornberger said he hopes to see continued redevelopment in Walnut Hills.
“We can be a historic anchor in the area,” Hornberger said.
See the article in the Cincinnati Business Courier here.