7001 Discovery Boulevard is a 150,000+ sf corporate office/manufacturing building located in Dublin, Ohio. The building no longer suited the growth strategy of WD Partners, owner of the property and the adjacent property that serves as their headquarters. An impending lease renewal with the anchor tenant prompted an analysis and disposition strategy to maximize returns to the owner.
The property is unique to the submarket and had been awkwardly split for multiple tenants. Substantial deferred capital was required to renew the expiring tenant lease. The parcel underlying both buildings was designed for a single occupant, including shared parking, utilities and an enclosed walkway. Below-market rents and local credit on both tenant suites.
Elford Realty provided a comprehensive financial scenario analysis-extension and sale, sale to the current anchor tenant, re-lease and sale – including capital requirements, leasing and capital market risks and opportunities. Elford Realty pursued a potential lease extension with the existing tenant in parallel with the sale analysis and identified sale to a growth-oriented owner/occupier to maximize the property’s value, emphasizing the “upside” potential in both existing leases.
Elford Realty marketed and sold the property to a new owner/occupier within 60 days of list at a price 55% higher than value as appraised just 10 months prior.
“I appreciated how you guys actively ‘listened’ to us and walked us through the process. You were engaging, humble, and professional.”
Jim Brittan – CFO, WD Partners
7001 Discovery Boulevard, Dublin, OH 43017