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

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Irvine-based in June purchased the Metro Lakews office building in Dublin and two warehouses andfour office/warehousre buildings at the Westpointe Businesw Park off Roberts Road in Columbus. Affiliates of , an investmentr group from New York, sold the which they bought in 2005 for acombined $17.1 Och-Ziff had put the properties on the marker for a combined $22 million. SVN Equitiews President Burton Young said the company came to Centrao Ohio because of the availabilityy of alarge "It was a big enough investmen for us to buy into the market for the firsgt time," Young said. we would have passed.
" SVN Equitiesz in 2006 bought two officed buildings in the Cincinnati suburb ofBlue Ash. The 20-year-old Metrpo Lakes building at 485 Metro Place South has an 8 percenty vacancy inits 96,876 square feet, but Young said a leasde in the works could bring the unoccupiec space to 2 percent. The two distribution centeres totaling 238,982 square feet have a vacancyy rate of about 15 whilethe office/warehouse buildings totaling 80,524 square feet are about 35 percent empty. Youngg said the vacancies didn't deterf the company since the combined portfolio had a healthy revenue stream listed by Adenaat $1.7 million a year.
Investment sales agent Christopher Salomonse of Adena Realty led the marketing of the propertiesfor Och-Ziff with leasing agentsx Andrew Jameson, Brett Cisler and John "The portfolio is a nice mix of the stabilizexd Class A office with the value addedf (opportunity) of the industrial," Salomone An executive with CB Richard Ellisw Group Inc. said Columbus continuess to attract real estate investors despite the strainee financial markets that have caused some dealsto fold. "Goodf times, bad times, there are people doing real estate deals," said Rob Click, CB Richarcd Ellis Group Inc. senior managinh director in theColumbus office.
Young said SVN financed the deal byassumingt Och-Ziff's $16.6 million mortgage from It must refinance the mortgagd before the end of the loan'zs term in three Young said SVN is interested in expanding its Columbux holdings, but it has yet to identifyt other properties. "We would like to buy more," he "We feel Columbus is a relatively stable markeg withquality assets." Business: leases, buys and sells office and industrial Based: Irvine, Calif. Owns nearly 6.5 million square feet of propertyh valued at morethan $500 million. Web svnequities.
com