PROPERTY DESCRIPTION & HIGHLIGHTS
The TechSouth site is centrally located just 3.5 miles from the State Capital Building. The site's proximity to 1-71 (1.75 miles away) and S.R. 104 (1.5 miles away) facilitates quick access to major highways.
The Property has full access to all utilities necessary to occupy the space for heavy manufacturing, schools, office, or storage facility.
Most of the space in this complex is contained in a 360,444 square foot flex space building, 81,906 square foot of contiguous office space, and 7 small 8500 square foot warehouse/industrial buildings. These buildings were built in phases over the past ten to sixty years. They are built with steel columns and beams and brick and metal siding. They have been well maintained and are structurally sound.
The previous Owner had just completed an investment of over $5.0 million to convert the Property into a highly functional warehouse, manufacturing and flex space campus. TechSouth features new docks and drive-in ramps with roll-up doors and renovated exterior facades.
In 2007, the Property was the recipient of a $3.0 million Clean Ohio Revitalization Fund (“CORF”) grant to bring the former manufacturing site through Ohio’s Voluntary Action Program. The Owner has successfully taken the Property through the program received the release from liability (the CNS or covenant-not-to-sue letter) from the Ohio EPA. In 2008, the Property was the recipient of a $5.0 million Job Ready Sites (“JRS”) grant from the Ohio Department of Development.
The City of Columbus has committed to building a new access road onto the site from Frebis Avenue. The cost of the new road is estimated at $1.4 million. In total, state and city government will have invested approximately $9.4 million into the Property. This large investment by the government demonstrates its commitment to the successful revitalization of this site through grant dollars as well as making additional incentives available to secure tenants and end users.
By virtue of having taken the Property through Ohio's Voluntary Action Program, the Property will enjoy a ten (10) year reduction of real estate taxes.
We closed escrow on this building on December 10, 2010, for such a ridiculously low price, that you may think were lying. Since then we leased out an 370,000 square feet, and renewed the leases of our current tenants. We have a full time leasing and maintenance staff, with all normal expenses being paid out of revenues. 2012 proforma return is expected to be 24% based on current leases and expenses.
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