Brad Kitchen, president of Alterra Real Estate Advisors, has purchased the five-story, 86,524 square foot office building occupied by M/I Homes corporate office at 3 Easton Oval, for $6.5 million. At $75 per square foot, Kitchen saw a value-add opportunity with this property.
The building was constructed for M/I Homes in 1995, and the company has 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.
Kitchen plans to renovate the building, including updating the building lobby and tenant spaces, making the property available for lease. Easton’s office occupancy is over 96 percent, excluding new construction, and Kitchen expects the building to lease up quickly.
Kitchen typically purchases underperforming properties with deferred maintenance, property management and leasing issues to add value to the property.
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.
Kevin Serna with Liberty National Bank financed the purchase.
Alterra, which is celebrating 20 years of business, is a full-service brokerage firm locally in Columbus that leases and manages nearly 2 million square feet of commercial real estate.