One of the most recognizable buildings in Northern Columbus, 1105 Schrock Road, has a new owner thanks to the marketing efforts of Matt Gregory, Phil Bird and Mike Simpson of NAI Ohio Equities.
At the time of transfer, the 213,000-square-foot building was more than 85 percent occupied.
The property is known for its prominent fountain visible from Interstate-71.
“Although the property was taken back by the bank in 2010,” says team lead 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 six offers, and the property sold to a Canadian investor on July 16. The selling price of almost $10 million – or almost $45 per square foot – belied its “distressed asset value.”