The properties include the 96,876-sf Metro Lakes Office Building at Metro Place South in Dublin, OH; the 238,982-sf, and the four-building Westpointe Business Park at 2249-2361 Westbrooke Dr. and the two-building, 80,367-0sf Westpointe Industrial property at 4000-4014 Venture Ct. in Columbus. Burton Young, president of SVN, tells GlobeSt.com that the buy was made to keep a stable cash flow from recent property sales. "We're not looking to do renovations. We're going to get real aggressive with leasing, offering concessions and lease bonuses, to get the properties up to 95% occupied and grow the cash flow over time.
The flex park is about 65% leased, the industrial is about 80% occupied and the office building is almost full at 95%, Young says. Lease rates are averaging $11 per sf for the office, $7 for the flex and $3.50 for the industrial, all triple net, he says.
Midwest properties may not appreciate as fast as those on the coasts, but they don't decline as fast, either, Young says. "We feel the Columbus market is improving from where it's been for the past couple of years. It's a relatively stable market, without big swings," he says.
Frank Kosi with Sperry Van Ness represented SVN, while Chris Salamone with Grubb & Ellis/Adena Realty Advisors represented the seller. The buyer will also oversee the management.
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