Posts tagged commercial
One of the most recognizable buildings in Northern Columbus,1105 Schrock Rd has a new owner this morning, due to impressive marketing efforts of Matt Gregory, Phil Bird and Mike Simpson of NAI Ohio Equities. At the time of transfer, the 213,000 SF building was over 85% occupied at the time of sale. The property is recognized by its prominent fountain visible from I-71. “Although the property was taken back by the bank in 2010,” says team lead Matt Gregory, “Our challenge was to present it as a Class A office investment, not a distressed asset.’” After securing lease renewals from the four anchor tenants, the team set about filling vacant space in the property. Combined with ongoing property upgrades, the resulting offering garnered 6 offers – and the property sold to a Canadian investor on July 11th. The selling price of almost $10,000,000 – or almost $45 per square foot – belied its “Distressed asset value.” Sandy Simpson boasts, “We’re very proud of this team and think that this their dramatic success will lead to further assignments of this type.” (more…)
While the commercial real estate industry continues to try to comeback from recession lows, agents who are able to find a market niche and who are able to find creative solutions to add value and incentive to both buyers and sellers are finding ways to get deals done.
NAI Ohio Equities office agent Peter Merkle has brokered multiple deals in the central business district over the last several months. Peter has done a variety of deals in this area: value add, sale – leaseback, and speculative investment. (more…)
With $17.3 billion in commercial mortgages coming due in 2012, landlords are more motivated than ever to incentivize tenants to renew their existing leases. Landlords are trying to stabilize their buildings and refinance. To do so, they must show a strong rent roll to the bank.
Some incentives such as free rent, reduced rent (blend and extend), upgraded lighting and dock doors have become common concessions offered by landlords to tenants who renew. It’s easier and safer for landlords to provide these concessions and keep their current tenants than try to re-fill the space. (more…)
Just as there were many factors leading to the recent economic recession in the United States, many factors are also leading to the slow economic recovery, none more apparent than the proliferation of online retail stores.
According to a Goldman Sachs research study in 2010, it is estimated that by the year 2019 retailers will see online sales surpass 50% of their dollar growth. As online sales continue to increase, the importance of online stores will only grow. (more…)
Over the past few years you have most likely heard of commercial properties going “into receivership”. This happens usually when a lender initiates foreclosure on a borrower in default of its mortgage agreement. If the Judge determines cause exists to preserve and protect a creditor’s asset, a receiver will be appointed to manage and control the asset during the foreclosure process. (more…)
NAI Ohio Equities, LLC are excited to announce that Rick Stearns and Matt Lasky will be joining the company.
Rick Stearns brings 35 years mortgage banking experience financing commercial real estate developments with institutional lenders. He will be part of the Asset Services Division at NAI Ohio Equities working with financial institutions, law firms, and partnerships dealing with distressed properties and REO.
View Rick Stearns’ bio page here.
Matt Lasky graduated from Miami University’s Farmer School of Business Cum Laude where he received his bachelor’s degree in finance with a concentration in statistical analysis. He will be specializing in the leasing and sales of investment properties at NAI Ohio Equities.
View Matt Lasky’s bio page here.
Columbus Business First released their 2011 Book of Lists at the end of the year and NAI Ohio Equities was listed as the largest commercial real estate company in Columbus.
With a total of 36 licensed brokers and sales agents, NAI Ohio Equities edged CBRE for the top spot in 2011. NAI Ohio Equities also has the largest number of listings in central Ohio as well. Their 458 listings topped Colliers International for the highest number of listings.
Despite the economic problems of the country, NAI Ohio Equities has continued to grow in the past several years thanks to their strong commitment to providing market expertise as well their long history of working with local business owners to meet their commercial real estate needs.
The top 5 Commercial Real Estate Brokerages ranked by numbers of brokers and sales agents is as follows: (more…)
The 18,000 sq. ft. former JAE Kitchens building at 955 W. 5th Ave., across from Fortin Welding, is being acquired by Design Center LLC, which has partners in Columbus and Los Angeles, CA. The property had been on the market for three years. The owners are completely remodeling the existing building and constructing a 67-car parking lot adjacent to the building.
The design is by Glavan Feher Architects, Inc., with civil engineering by EMH&T, Inc. Stevens Construction Co., Inc, of Marion, Ohio is the general contractor and began work in early March.
The buyer was represented by NAI Ohio Equities, LLC, who will represent the developer in the leasing of the retail space. Negotiations are currently under way with four potential retail tenants.