CINCINNATI — Nicol Investment Co. has sold the Riverfront Portfolio at The Banks, a mixed-use development in downtown Cincinnati, to Crawford Hoying. The sales price was not disclosed, but the Cincinnati Business Courier reports the assets traded for approximately $177 million.
The project consists of two multifamily properties totaling 592 units, Current at the Banks and Radius at the Banks, in addition to approximately 100,000 square feet of ground-floor retail space. The properties are located in the city’s Central Business District, nestled between Great American Ballpark (home of the MLB’s Cincinnati Reds), Paycor Stadium (home of the NFL’s Cincinnati Bengals) and the Ohio River, which separates Ohio from Kentucky.
The 300-unit Current at the Banks includes more than 77,000 square feet of ground-floor retail space leased to The Holy Grail, Jefferson Social, Fishbowl and Ruth’s Chris. Radius at the Banks features 292 units as well as 19,000 square feet of ground-floor retail, which includes E+O Kitchen and Taste of Belgium.
“Crawford Hoying brings tremendous value to the high-profile project as a manager and operator of various commercial real estate projects throughout Ohio,” says Ron Johnson, chief financial officer at Nicol. “We’d like to thank the CBRE Riverfront Team, led by Dave Lockard and Kurt Shoemaker, for representing us in the transaction.”
Nashville-based Nicol acquired Current in 2014 and co-developed Radius in 2017. The American Planning Association honored the Cincinnati Central Riverfront Plan — with The Banks as its centerpiece — with its National Planning Excellence Award.
Beyond the sold portfolio, The Banks also features a hotel, the National Underground Railroad Freedom Center, the Ohio River Trail and a wide variety of restaurants, public gathering spaces and family-friendly attractions.
— Jeff Shaw