Spanish investor buys $78m commercial portfolio in Cincinnati

Madrid-based Azora, through its subsidiary Azora Exan, has made a $78 million acquisition of a portfolio of two first-class office buildings spread across 28,000 square meters (301,390 square feet) in Cincinnati, Ohio, bringing its U.S. total investment to more than $450 million in the past year.

The complex is used as the administrative arm of the Cincinnati Children's Hospital, and both properties are fully leased to the Cincinnati Children's Hospital Medical Centre, with a weighted average unexpired lease term of 10 years. The complex is located at 400 Oak St., comprising Vernon Manor and 2905 Vernon Place, and sits near the hospital's network of clinical campuses and the city's central business district, as well as being positioned approximately 24 kilometers (15 miles) from Cincinnati's International Airport.

The foreign investor also acquired two offices in Chicago and Miami as well as two shopping centers in Florida in 2022, as part of its nondiscretionary strat