Alterra Acquires Owner-Occupied Columbus Offices
Alterra Real Estate Advisors acquired the owner-occupied 3 Easton Oval in Columbus, OH for $6.5 million, or approximately $75 per square foot. The brokerage firm’s Brad Kitchen plans to renovate the 86,524-square-foot property, soon to be vacated by owner M/I Homes, making it available for lease.
Given the low purchase price, and the Easton mixed-use development’s low office vacancy rate of less than 4%, excluding new construction, Kitchen saw a value-add opportunity at 3 Easton Oval. He expects the renovated property to lease up quickly.
Kevin Serna with Liberty National Bank financed the purchase. Alterra will lease and manage the property, originally constructed for M/I Homes in 1995.
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- ◦Sale/Acquisition