Case Study Three Building Office Campus

Property Details

Elford Realty was hired by Integrated Resouces, Inc. in 2015 to market this 3-building office portfolio for lease and sale. Built in the 1970’s, these once sought after office buildings near Upper Arlington became less attractive as the buildings aged and didn’t provide elevator service. The Elford team worked closely with ownership to strategize on all possible options to find the right outcome for the campus. While some short-term leases were completed, the ultimate goal was to sell the buildings either to owner/occupants or developers. In 2016, we were able to secure a purchase contract for two of the buildings with a Senior Housing group that were going to redevelop a portion of the site. Unfortunately, an existing tenant located in one of the buildings would not agree to relocate therefore resulting in that particular contract to be terminated. We continued to actively call all possible buyers, tenants, developers to gain traction on getting these properties sold. In 2018, it was determined that these buildings are situated in an Opportunity Zone which made this site much more attractive to developers and resulted in multiple offers and ultimately the sale of all three buildings in October of 2019. However, as part of the sale it was crucial that the Elford team identify new space for the major tenant still occupying space in one of the buildings. Through our experience and knowledge, we were successful in finding an ideal space and negotiating a buy-out with the developer and their new landlord to reduce their out-of-pocket costs and exposure. The overall sale and lease transaction had many moving parts and was complex; however through our diligence and relationships we were able to achieve a positive outcome for all parties involved.

Outcomes

“It was a long process and Andy and Kristy persevered to get to the finish line. It took creativity, patience and long-term hard work.”

Mike Bourland, President – Integrated Resources, Inc.

Client

Integrated Resources, Inc.

2929-2939 Kenny Road, Columbus, OH 43221