Azora, through its subsidiary Azora Exan, acquired a portfolio of two office buildings spread over 28,000 square feet in Cincinnati, Ohio for $78 million.
The office complex is to used as the administrative arm of Cincinnati Children’s Hospital, and both properties are fully leased at Cincinnati Children’s Hospital Medical Center, with a 10-year-old WAULT.
The complex is located at 400 Oak St., comprising Vernon Manor and 2905 Vernon Place, and is close to the hospital’s network of clinical camps.to uses and the city’s central business district, while being located approximately 15 miles from Cincinnati International Airport.
This acquisition marks the latest addition to Azora’s commercial portfolio in the United States, with Azora Exan also acquiring two offices in Chicago and Miami, and two shopping centers in Florida in 2022, as part of its non-commercial business.discretioninvestment strategy in Heart, Heart Moreover, the added value and Opportunistic opportunities in the office, industrial and retail sectors of major US markets.
Azora entered the US market through its strategic partnership with Exan, and following creation of Azora Exan in December 2021.
Ignacio Gil-Casares, Managing Partner of Azora Exan, said: “Azora Exan is meeting its investment objectives in the US market and maintaining its belief in ourdiscretionand focal strategyto used on the acquisition of the shop office buildings located in prime locations in the business districts of major US cities.
Fernando Pérez-Hickman, Managing Partner of Azora América, added: “We are very pleased with the development of our residential and commercial strategies in the United States, which both contribute to the acceleration of our investment plan to consolidate with success a diversified portfolio of assets in key sectors. American markets. Being able to identify and execute a number of significant transactions in 2022 is a testament to both our 20+ years of experience as a property investment manager and our local expertise on our target markets.