Colliers Team Facilitates Sale of Vacant Worthington Office Building

The Property

6480 Busch Blvd is a 111,780 RSF, 5 story office building that sits on 6.65 acres and is currently 100% vacant. The building had been home to Abbot Laboratories for over 25 years and is located within one of Columbus Ohio’s Opportunity Zones.

The Client

Grubb Properties

The Challenge

The building was 100% vacant at the time of sale and had not been occupied by an office tenant for multiple years.

The Strategy

The Colliers’ sales team led by Dan Dunsmoor, Andy Jameson and Michelle Fude facilitated a diligent process in which they presented the property to every viable value add focused investor as well as all prospective owner occupants in the market. The team focused much of the campaign on the tax benefits that a future Buyer would receive due to the property being located in an Opportunity Zone.

Results

The team ultimately identified a cash buyer and was able to close the sale at the Seller’s pricing expectations. The sales team worked extremely closely with the Colliers Management team to address all of the Buyer’s concerns which resulted in the Buyer Closing at contract price without any adjustment.