Avistone, LLC acquired Cramer Creek Corporate Center located in Columbus, Ohio. The 98,284 square foot multi-tenant flex/warehouse project is located in the Northwest Columbus submarket on 10.12 acres of land. Built between 1986 and 1989, the project consists of four (4) buildings and is currently 92.25% leased to 13 tenants, with 37% of the space leased to credit tenants.
The company negotiated an acquisition price approximately 67% below replacement value, with strong projected average cash-on-cash yields and IRR over a 5-year holding period.
According to research reports by CBRE and Cushman Wakefield, the Columbus MSA industrial market continues to be robust. The combination of overall market vacancy being at 5.6% and experiencing positive net absorption every year since 2009 lends itself to strong tenant retention in the market. Also, employment growth in the Columbus region has outperformed the national average for the last eight years in a row.
“We are very excited to acquire our fifth property in Columbus, Ohio. Based on the success of our other four properties in the market, we are optimistic that Cramer Creek will perform at or above our projections, leading to a great investment,” said Richard Kent, President of Avistone. “Cramer Creek Corporate Center aligns perfectly with Avistone’s goals to provide current monthly yield and capital appreciation while mitigating risk for our investors. We continue to actively acquire properties similar to Cramer Creek that fit within our strategy to benefit investors.”
Avistone is a premier commercial real estate investment firm specializing in multi-tenant flex/warehouse properties. The company is currently acquiring and managing quality, stabilized multi-tenant properties in major and secondary markets throughout the US from $5 to $25 million. To learn more about Avistone and how you can benefit from its investments, please contact us at [email protected].
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