COLUMBUS, Ohio, Jan. 8, 2020 /PRNewswire/ -- Brad Kitchen, President of Alterra Real Estate Advisors, has purchased the 5 story, 86,524 SF office building occupied by M/I Homes corporate office at 3 Easton Oval in the extremely successful Easton mixed use development. The building was constructed for M/I Homes in 1995 and they have owned and occupied it since that time. M/I will be vacating the building in the Spring of 2020 to move to slightly smaller space across the street in Easton.
Kitchen closed on the property on December 31, 2019 for $6,500,000 ($75 PSF) and plans to renovate the building, including updating the building lobby and tenant spaces, making the property available for lease to accommodate tenants ranging from 5,000 SF to 86,524 SF. Kitchen saw a value-add opportunity with this property at $75 PSF. Easton's office occupancy is over 96%, excluding new construction, and Kitchen expects that the building will lease up quickly. Alterra Real Estate Advisors will lease and manage the property. Other occupants in the Easton Oval Office Park include Alliance Data Systems, Huntington National Bank, McDonalds Corporation, Merrill Lynch, and Safe Auto Insurance.
The unique features of this building include building freeway signage, underground parking and being on the same redundant fiber optic and electric feeds as the Huntington Bank operations Center, which guarantees high-speed internet and no downtime. Tenants also have easy access to all the amenities of Easton Town Center.
With 30,000 employees at Easton's ever-expanding business park and its role as a regional destination for shopping, entertainment, dining and events, there is significant demand for companies to locate in this mixed-use park, and Easton continues as one of the best-in-class examples of a live-work-play development in the nation.
Brad Kitchen typically purchases underperforming properties with deferred maintenance, property management and leasing issues to add value to the property.
Kevin Serna with Liberty National Bank financed the purchase.
Alterra, which is celebrating 20 years of business, is a full-service brokerage firm locally based in Columbus, Ohio and leases and manages nearly two million square feet of commercial real estate. (www.AlterraRE.com)
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. Contact Brad Kitchen, President, Alterra Real Estate Advisors, 300 Spruce Street, Suite 110, Columbus, OH 43215, 614.365.9000, [email protected].
SOURCE Alterra Real Estate Advisors