Brad Kitchen, President of Alterra Real Estate Advisors, has purchased the 5 story, 86,524 SF office building occupied by M/I Homes corporate office at 3 Easton Oval in the extremely successful Easton mixed use development. The building was constructed for M/I Homes in 1995 and they have owned and occupied it since that time. M/I will be vacating the building in the Spring of 2020 to move to slightly smaller space across the street in Easton Town Center, adjacent to the new RH Gallery. Kitchen closed on the property on December 31, 2019 for $6,500,000 ($75 PSF).
Kitchen plans to renovate the building, including updating the building lobby and tenant spaces, making the property available for lease to accommodate tenants ranging from 5,000 SF to 86,524 SF. With the neighboring buildings 1 and 2 Easton Oval recently selling for $41.4 million ($164 PSF) at 91% occupancy, Kitchen saw a value-add opportunity with this property at $75 PSF. In addition, with Easton’s office occupancy at over 96%, excluding the new construction, Kitchen expects that the building will lease up quickly. Alterra Real Estate Advisors will lease and manage the property. Other occupants in the Easton Oval Office Park include Alliance Data Systems, Huntington National Bank, McDonalds Corporation, Merrill Lynch, and Safe Auto Insurance.
The unique features of this building include building freeway signage, underground parking and being on the same redundant fiber optic and electric feeds as the Huntington Bank operations Center, which guarantees high-speed internet and no downtime. Tenants also have easy access to all the amenities of Easton Town Center.
With 30,000 employees at Easton’s ever-expanding business park and its role as a regional destination for shopping, entertainment, dining and events, there is significant demand for companies to locate in this mixed-use park, and Easton continues as one of the best-in-class examples of a live-work-play development in the nation.
Brad Kitchen typically purchases underperforming properties with deferred maintenance, property management and leasing issues to add value to the property. He also recently purchased the 52,000 SF 8740 Orion Place in Polaris for $4.95 million ($95 PSF) in December 2019 and the 47,000 SF Stoneridge Medical Office Complex in Dublin Ohio at 4015 W. Dublin Granville Road, near Bridge Park in Dublin for $2.175 million ($43 PSF) in May 2018.
Kevin Serna with Liberty National Bank financed the purchase. Liberty recognized the value and upside potential of the property and was eager to finance such a high profile project. They have financed other properties for Kitchen, and were comfortable with his ability to execute.
Alterra, which is celebrating 20 years of business, is a full service brokerage firm locally based in Columbus, Ohio and leases and manages nearly two million square feet of commercial real estate. Brad Kitchen is an individual member of the Society of Industrial and Office Realtors (SIOR), an exclusive designation earned only by the top commercial real estate agents worldwide.