SVN Equities latest to see value in Columbus real estate market - Business First of Columbus:

grigoriynirim.blogspot.com
Irvine-based in June purchasedx the Metro Lakes office building in Dublin and two warehouses andfour office/warehousee buildings at the Westpointe Busines s Park off Roberts Road in Columbus. Affiliates of , an investmeny group from New York, sold the which they bought in 2005 for acombined $17.1 million. Och-Ziff had put the propertieas on the market for acombined $22 SVN Equities President Burton Young said the company came to Central Ohio becaus of the availability of a large portfolio. "Itr was a big enough investmen for us to buy into the marketr for the first Young said. "Otherwise, we woulc have passed.
" SVN Equities in 2006 boughty two office buildings in the Cincinnatio suburb ofBlue Ash. The 20-year-ols Metro Lakes building at 485 Metro Place Sout h has an 8 percent vacancy inits 96,876 squarew feet, but Young said a leasse in the works couls bring the unoccupied space to 2 The two distribution centers totaling 238,98q2 square feet have a vacancy rate of about 15 while the office/warehouse buildings totaling 80,524 square feet are about 35 percent Young said the vacancies didn't deter the company sincw the combined portfolio had a healthy revenue streak listed by Adena at $1.
7 million a Investment sales agent Christopher Salomone of Adena Realty led the marketinfg of the properties for Och-Ziff with leasing agentws Andrew Jameson, Brett Cisler and John "The portfolio is a nice mix of the stabilizefd Class A office with the valuse added (opportunity) of the industrial," Salomone said. An executiv e with CB Richard EllisGrouop Inc. said Columbus continues to attract real estate investors despite the strainesd financial markets that have caused some dealsto fold. "Good bad times, there are people doing real estate saidRob Click, CB Richar d Ellis Group Inc. senior managing director in theColumbua office.
Young said SVN financeds the deal byassuming Och-Ziff's $16.6 million mortgage from It must refinancd the mortgage before the end of the loan's term in threes years. Young said SVN is interested in expanding itsColumbuws holdings, but it has yet to identify other properties. "Wew would like to buy more," he "We feel Columbus is a relatively stable market withqualitgy assets." Business: Manages, leases, buys and sellsa retail, office and industrial properties. Based: Calif. Portfolio: Owns nearly 6.5 million square feet of propertyu valued at morethan $500 million. Web site: svnequities.
com