This Office Property is Off-Market.

150 E. Gay Street
Columbus, OH 43215 ·

477,259 SF · Office For Sale

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Continental Centre

Price N/A Occupancy 86%
Building Size 477,259 SF No. Stories 26
Property Type Office Tenancy Multiple
Property Sub-type Office Building Year Built 1973
Property Use Type Investment Lot Size 0.81 AC
Cap Rate 8.35% APN / Parcel ID 010-032189-00
Listing ID: 14618657 Date Created: 05/12/2006 Last Updated: 04/25/2007

Description

Continental Centre, whose prestigious tenancy is anchored by AT&T (203,636 sf), the State of Ohio: Attorney General's office (138,792 sf) and Glimcher Realty Trust (42,596 sf), is one of the leading office buildings in Downtown Columbus, Ohio. The 26-story tower with 477,259 rentable square feet is located at 150 E. Gay Street and occupies a prime location with great visibility and access. The property is 86% occupied of which 75% is leased to investment grade tenancy including AT&T which has a S&P rating of "A" and the State of Ohio which has a S&P rating of "AA+". Continental Centre affords the opportunity to acquire one of the more sizable office assets in Columbus' CBD at approximately 55% of replacement cost. The property also benefits from very attractive long term debt at 5.75% resulting in a going in cash on cash return of 11.4% based on the existing 86% occupany (based on ownerships 2006 budget) leaving approximately 63,630 square feet of upside potential. The ownership has invested approximately $1.5 million updating and replacing the mechanical systems at the property.

Continental Centre is located at the corner of Fourth and Gay (150 East Gay Street) just 1.5 blocks from Capitol Square and four blocks from the critically acclaimed Arena District developed by Nationwide Realty Investors, Inc. Continental Centre has supurb access to all major interstates and points of interest in the Columbus Metropolitan area. Ample parking, hotels, restaurants, Nationwide Arena & District, convenience and upscale shopping are located nearby. Port Columbus International Airport is located just 10 minutes to the north via I-670. This strategic Fourth Street location has become the epicenter of ingress for downtown traffic heading north making it one of the most accessible and visible office buildings in the Downtown Columbus market.

Highlights

  • Property is 86% occupied with 75% of the space being leased to investment grade tenancy.
  • Property is being offered at a 8.35% cap on the existing 86% occupancy leaving 63,630 square feet of upside.
  • Continental Centre benefits from very attractive long term debt at 5.75%.
  • The yield on equity invested is 11.4% based on the ownerships 2006 budgeted Net Operating Income.
  • Continental Centre is owned and managed by one of Columbus' top development companies which meticulously maintains the property.
  • Continental Centre can be acquired at approximately 55% of replacement cost.

Research

150 E. Gay Street, Columbus, OH 43215 (Franklin County)

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