Newmark Grubb Knight Frank (NGKF) is orchestrating an online sealed-bid auction of 3.4 acres that will become part of a mixed-use commercial district being developed in Grandview Heights, just outside downtown Columbus. The property includes a 55,030-square-foot building at 901 W. Third Avenue constructed in 1948.
NGKF’s Benton Benalcazar, SIOR, CPA, MBA is handling the sale in conjunction with auctioneer Barry Baker, CCIM. Bids should be submitted to Barry@OhioRealEstateAuctions.com by Oct. 11 at 12 p.m. Showings and inspections of the property are being conducted by Mr. Benalcazar (bbenalcazar@ngkf.com).
“This property represents an extraordinary opportunity at the heart of an expanding commercial area in densely populated and highly affluent central Ohio and directly adjacent to the Grandview Yard, a 100-acre, $600 million, new mixed-use project,” said Mr. Benalcazar. “The switch to Grandview Commerce District zoning for the site recommended and supported by local economic development authorities means the possibilities are wide open for residential, hotel, medical, retail and restaurant development.”
The property is situated within 15 minutes of more than 800,000 households with an average household income of more than $57,000, according to the latest census figures. The development, with immediate access via SR 315 and I-670, is a neighbor to Ohio State University, OSU Hospital, and the OSU Stadium which attracts more than 100,000 fans to every home football game, noted Mr. Benalcazar. Phenomenal visibility and signage opportunities are other perks with over 130,000 cars passing daily on SR 315.
A senior managing director with NGKF, Mr. Benalcazar has more than 25 years’ experience and expertise in all types of commercial real estate. Mr. Baker, a third-generation auctioneer, founded Ohio Real Estate Auctions of Columbus in 1999.
There is no stated minimum bid. A property located in the immediate area sold at auction in June 2012 for $908,000 per acre, according to Mr. Benalcazar. Bidders must submit a cashier’s check in the amount of $500,000 payable to Ohio Real Estate Auctions to be held as a non-refundable deposit on the winning bid. The property is to be sold “as is,” with no contingencies.
The closing will be held within 30 days of the sale, with a short tax proration, and the buyer is responsible for all closing costs. A general warranty deed will be given at closing without liens or taxes owed.
About Newmark Grubb Knight Frank
A part of BGC Partners, Inc. (NASDAQ:BGCP), Newmark Grubb Knight Frank is one of the largest commercial real estate service firms in the U.S. It brings together the strategic consultative approach to creating value for clients and leading position in the New York market that are hallmarks of Newmark; the complementary strengths of Grubb & Ellis in leasing and management, investment sales, valuation and capital markets services; and BGC’s financial strength, proprietary technology, expertise in global capital markets and deep relationships with many of the world’s leading financial institutions.
Newmark Grubb Knight Frank, together with its affiliates and London-based partner Knight Frank, employs more than 11,000 professionals, operating from more than 300 offices in established and emerging property markets on five continents. This major force in real estate is meeting the local and global needs of tenants, owners, investors and developers worldwide.