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DUBLIN, OH-Grubb & Ellis Realty Investors LLC has purchased 5200 Upper Metro Place, a three-story office building here on behalf of tenant-in-common investors, for $9.9 million. The 9-year-old, 96,000-sf property was purchased for about $103 per sf from Upper Metro LLC.

The property is 90% leased to tenants such as Smith’s Medical and CoreSource Inc. The buyer wanted the property because it’s a good area with a chance to lease up, says Danny Prosky, the managing director of healthcare properties for Grubb & Ellis. “Dublin is arguably the best office market in the Columbus area, with the lowest vacancy at about 10%,” he tells GlobeSt.com. “Plus, the average tenant is renting for about $9 to $10 per sf, triple net, less than the $11-plus per sf where we believe the market is at.” The Dublin submarket has about 6.9 million sf of office with a vacancy of about 10.3%, he says.

Prosky is involved because the building is just less than 50% leased to medical office tenants. One tenant (though he would not reveal which company) is even subleasing its space for more than the official lease rate, he says. “We hope to renew these leases for closer to the market when they start coming up,” he says.

The building is right off of Route 33/161 and Interstate 270, and includes parking for 433 vehicles. George Stecz with CB Richard Ellis represented the seller in the transaction.

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