Sixth & Race
Downtown Cincinnati
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Piping Rock is pleased to announce an exclusive contract to purchase Sixth & Race, a unique property located in the heart of downtown Cincinnati, for $8.6 million. Piping Rock will invest between 7 and 10% of the equity, and we are seeking partners to co-invest with us.
After we agreed to purchase the property, three major redevelopment projects were announced in downtown Cincinnati. Officials estimate that between $300 and $500 million will be invested in two of these projects alone, both of which are immediately adjacent to Sixth & Race.
Completion of these projects will transform the area around Sixth & Race, if not downtown Cincinnati itself. It is unlikely that we could purchase Sixth & Race today at a price that is as favorable as that which we obtained prior to these developments.
After we agreed to purchase the property, three major redevelopment projects were announced in downtown Cincinnati. Officials estimate that between $300 and $500 million will be invested in two of these projects alone, both of which are immediately adjacent to Sixth & Race.
Completion of these projects will transform the area around Sixth & Race, if not downtown Cincinnati itself. It is unlikely that we could purchase Sixth & Race today at a price that is as favorable as that which we obtained prior to these developments.
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PRIME LOCATION
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7.47% NET CAP RATE
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10% CASH ON CASH*
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Sixth & Race itself is a rare combination of 30 units of newer construction multi-family housing over ground floor retail in downtown Cincinnati. The ground floor retail space is occupied by Walgreens under an investment-grade double net lease that expires in April 2064, subject to eight termination options. Approximately 70% of the property cash flows are secured by the lease through at least April 2024, which is the date of the first termination option.
PRIME LOCATION ADJACENT TO MAJOR REDEVELOPMENT PROJECT
Replacing the Millennium and expanding the convention center have been top priorities for Cincinnati's economic development officials for years, and now they are moving forward in tandem right next to Sixth & Race. These projects were announced after we agreed to purchase Sixth & Race.
Sixth & Race is in a prime location immediately adjacent to the Millennium Hotel redevelopment project and convention center expansion.
PROTECTED INFILL LOCATION
Sixth & Race is located in the heart of downtown Cincinnati in a protected in-fill location.
*Investment returns are indicative
