Posts tagged real estate
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 Global, the largest network of independent commercial real estate firms worldwide, announced today that its previously reported acquisition by C-III Capital Partners LLC (C-III) has been completed. The transaction will help create a leading fully integrated commercial property services company that will operate in markets around the world. Locally based NAI Ohio Equities, LLC is the central Ohio representative of NAI Global.
C-III is a leading commercial real estate services company engaged in a broad range of activities, including primary and special loan servicing, loan origination, fund management, CDO management, principal investment, title services and multifamily property management. C-III is led by CEO Andrew L. Farkas, who founded and was Chairman and CEO of Insignia Financial Group, Inc. (NYSE:IFS). Its principal place of business is located in Irving, TX, and it has additional offices in New York, New York; Greenville, South Carolina; McLean, Virginia; Chicago, Illinois; Dallas, Texas and Nashville, Tennessee.
NAI Global will continue to operate as a separate company under its current management. C-III will accelerate NAI Global’s growth by exploring business development opportunities in strategic locations, including New York, London, Singapore and other primary global business centers. It will also invest in the growth of the corporate solutions and capital markets offering, expanding asset/property management, project/facilities management and valuation services worldwide. (more…)
Over the Holiday season, several of the properties managed by NAI Ohio Equities held food drives with proceeds going to the Mid-Ohio Food Bank.
Tenants were encouraged to donate either food or money, with every $1 donated providing 2 lbs of food. In total, all of the participating buildings were able to raise $4,770 in cash donations (worth 9,540 pounds of food) and 2,154 pounds in food donations. The grand total in combined food and cash donations was 11,718 pounds of food.
Mid-Ohio Foodbank’s vision is to build and sustain a community that makes food accessible to all people. Mid-Ohio Foodbank is dedicated to feeding hungry people by collecting and distributing food and grocery products, educating the community about hunger, advocating for hunger-relief programs, and collaborating with others who address basic human needs.
To donate to the Mid-Ohio Foodbank, or just to get more information on the organization, please click here.
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…)
An upgrade to the Panama Canal in 2014 could provide a major boost to Central Ohio’s logistics industry.
In preparation for the upgrade, the United States has begun enhancing infrastructure to better handle larger ships, increased volume of shipping traffic, and increased use of rail to transport cargo from east coast ports to Midwest logistics hubs.
The Panama Canal is one of two inland routes used to ship products from Asia to the east coast. Currently the canal is limited in the size of ocean carriers it can handle. Upgrades to the canal in 2014 will add an additional lane to the current two lanes and also boost the size of ships it can support from a maximum of 4,800 containers to a maximum of 8,000 containers. These upgrades are expected to increase the volume of cargo coming into east coast ports, such as Norfolk, Virginia and Charleston, South Carolina.