Commercial real estate market in Columbus has received a massive boost recently. Priam Capital, a real estate firm from Nashville, has made its entry in Columbus in a big way. This Nashville firm has purchased two huge commercial complexes situated on Goodale Boulevard. The company has made an investment of nearly $12.7 million for the purchase of these properties situated on 1400 and 1404 Goodale Boulevard in a neighborhood called Grandview Heights.
According to reports from insiders, both commercial properties have a combined space of more than 80000 sq foot. Both contain offices and retail shops. Priam Capital has started to market these properties by describing the available offices as workplaces in a prime location with special features like open spaces,, natural sunlight, and open layouts.
For those who do not know this Nashville firm, the company has a portfolio of more than 900000 sq feet mainly comprised of multi tenant commercial complexes. Priam Capital was established in 2010 but it has carved a niche for itself in the commercial real estate market as an aggressive developer. The company acquired several properties in many other states before coming to Ohio. Alabama, Indiana, Kentucky, and Tennessee are th states in which Priam Capital has already purchased properties. These two buildings on Goodale Boulevard are the fits purchases of the company in Ohio. This information is shared by the company on its website.
Interesting fact about this purchase is that the two buildings are already 100% occupied. This means the sale of these commercial properties was not a result of poor rate of returns. It seems Priam Capital made an offer that was deemed irresistible by the owners of these properties. Many of the tenants inside these properties are those who are well known names in Columbus. These include Zaner Bloser, Greenberg Farrow Architects, King Business Interiors, and Navigator Management Partners. The present status of these properties can be termed as an impressive turnaround from a situation when they were nearly empty in 2016. The warehouse at 1400 Goodale Boulevard presented a deserted look at the time when Manley Dias & Kochalski decided to vacate the premises in April last year.
Abhishek Mathur, who is a partner and one of the founders of Priam Capital, said that this locality and the buildings with their distinct contemporary looks were on the radar of the company for quite some time. He added that the plans to acquire these properties were finalized soon after the company learnt about their 100% occupancy rate. This feat was achieved by the buildings recently and it did not go unnoticed by Priam which was ready to add them to its portfolio.
It is interesting to note here that the owner of the properties, CapRocq, had purchased them only in 2016. It paid $1.4 million for 1404 and $5.7 million for 1400. It can be seen that they made a solid profit of more than $5 million with this transaction. CapRocq is not leaving the locality altogether as it still owns a property at 855 Grandview Avenue.