Alterra Real Estate Advisors Purchases Central Ohio Mixed-Use Building For $3.1 Million
Alterra Real Estate Advisors, led by Brad Kitchen SIOR, has just completed the purchase of One E Campus View Blvd in Columbus, Ohio for $3.1 million ($50 Per Square Foot). The 62,000 square foot, three-story, mixed-use building which is 85% occupied, sits on 3.7 acres was purchased from Auto Owners Life Insurance Company, who remains a tenant in the building. The centralized location with easy access to the freeway makes this a very popular location in Central Ohio and has already experienced brisk leasing activity. It was constructed in 1986, and the lobby and common areas were recently renovated.
Because the building had some vacancies, Alterra saw this as a value-add opportunity and has already been able to sign new tenants. Alterra is also planning to make improvements to the property including some energy efficiency upgrades including LED lighting.
The office leasing market in Columbus, Ohio has been very active so far this year as more employees have been coming back to the office, and companies are realizing they need more space or just need to upgrade their space to entice their staff to return to the office. This mixed-use building with restaurants on-site is located within walking distance of hotels and other restaurants, which is a popular request among office tenants.
Rob Sullivan at Kemba Financial Credit Union financed the purchase. The largest tenants are BHM CPA Group, J Gilberts restaurant and Salon Lofts. Other tenants include Auto Owners Insurance, Fishbeck, Stringfield Industries, Valmer Land Title, NeuroRehab, Advanced Billing, Manifest IT, Firouzian Dentistry and Subway. All of the tenants are excited about the new improvements and plan to remain long term in the property.
The retail spaces are 100% leased and the only office spaces available are 1,397, 1,655 and 4,198 SF. Alterra Real Estate Advisors will lease and manage the building. Alterra currently leases and manages approximately 3 million square feet of commercial property in the Central Ohio Area.
Brad Kitchen, President of Alterra Real Estate Advisors, typically purchases value-add properties with some vacancy and deferred maintenance. Alterra has been very successful in the leasing and management of these properties to turn them around to maximize the return on investment.
Alterra leases and manages nearly three million square feet of commercial real estate and has nearly $40 million worth of properties for sale. Brad Kitchen is an individual member of the Society of Industrial and Office Realtors (SIOR), an exclusive designation earned only by the top commercial real estate agents worldwide