Thursday, April 29, 1999

PRIME DEAL


5/3 buys shoe building for check-processing

        A look at a notable real estate deal in the Tristate:

        • Transaction: Sale of One Eastwood Drive building, formerly the U.S. Shoe — Nine West building in Madisonville.

        • Estimated value: $18 million.

        • Buyer: Fifth Third Bank.

        • Seller: Eastwood Development Co.

        • Broker: Bill Schneller and Joe Gilligan of CB Richard Ellis represented Fifth Third. Eastwood dealt directly with brokers.

        • Property description: A 200,000-square-foot building on 11 acres.

        • Behind the deal: Fifth Third bought the building for use as a check-processing center, which will have a staff of between 500 and 600 Fifth Third employees who will be transferred from downtown Cincinnati.

        Randy Tucker covers commercial real estate and compiles Prime Deal weekly for the Enquirer. He can be reached at 768-8503.

       



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INDUSTRY NOTES: REAL ESTATE
- PRIME DEAL
COMMERCIAL REAL ESTATE
TRISTATE BUSINESS SUMMARY
TRISTATE MARKET SPOTLIGHT