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The Banks Cincy

News and Press

Banks developers cash in on phase I, again

The developers of the first phase of the Banks have sold another portion of the project.

Carter and Dawson and USAA Real Estate sold the 12,500-square-foot Yard House Cincinnati to Spirit S.P.E. Portfolio 2012-5 LLC, an affiliate of Spirit Realty Capital for more than $8.7 million, according to property records. The property, located at 95 E. Freedom Way, was transferred in the middle of January.

The sale of the restaurant building follows the October sale of the apartments and 96,000 square feet of ground-floor retail for $79.5 million.

“This sale is further proof of The Banks’ success and progress,” Scott Stringer, executive vice president of Carter, said in a statement. “We look forward to continuing our partnership with the City of Cincinnati and Hamilton County to further redevelop the riverfront into a premier place in which to live, work and play.”

Carter and Dawson and USAA Real Estate will keep ownership of two undeveloped parcels south of the Underground Railroad Freedom Center and the undeveloped hotel and office pads. It plans to start construction on the second phase soon, although no firm date has been announced. Phase IIA will have 291 apartments, 19,000 square feet of retail and a pad site for future development of an office, apartments or a hotel.

“The acquisition of the Yard House outparcel at The Banks is consistent with our investment strategy,” April Little, vice president of acquisitions at Spirit Realty Capital, said in a news release. “We are pleased to have an interest in The Banks and to expand our portfolio in downtown Cincinnati’s dynamic riverfront.”

Spirit Realty Capital is a real estate investment trust located in Scottsdale, Ariz. It acquires single-tenant, free-standing commercial/retail real estate facilities and provides returns through those investments. Its portfolio exceeds $7 billion and has expanded to include more than 2,100 properties.