JLL closes sale and financing of Columbus office property
Minneapolis-based investor purchases One & Two Easton Oval in suburban Columbus
CHICAGO, October 22, 2019 – JLL announced today that it has closed the $41.4 million sale and $27.8 million financing of One & Two Easton Oval, a two-building, Class A office property totaling 252,461 square feet in the Columbus-area community of Easton, Ohio.
JLL represented the seller, Garrison Investment Group, and procured the buyer, Minneapolis-based Founders Properties. In addition, JLL worked on the new owner’s behalf to secure a seven-year, floating-rate acquisition loan through TCF Bank.
One and Two Easton Oval is located approximately 10 miles northeast of Columbus’ central business district in Easton, the area’s most preferred submarket. Positioned near the Interstate 270 and Easton Way interchanges, the property provides ideal commuter access to the greater metropolitan area, including Port Columbus International Airport just 2.5 miles south and nearby expressways such as Interstates 70, 670 and 71. Additionally, One and Two Easton Oval is proximate to Easton Town Center, the city’s premier shopping, dining, entertainment and lodging destination providing more than 1.7 million square feet of amenities. Completed in the late 1990s, the two-building property is 91.4% leased and offers tenants a variety of open collaborative space plans, an on-site deli, 24/7 security and abundant parking.
JLL Capital Markets Managing Directors Jim Postweiler and Peter Harwood, Senior Vice President Derek Fohl and Senior Director Patrick Shields led the sales and marketing efforts for the seller, and JLL Capital Markets Managing Director Steve Buss and Executive Vice President Marc Nanne represented the buyer in the transaction. JLL Agency Leasing Senior Vice Presidents Collin Wheeler and Aaron Duncan supported the sales effort with their local market expertise and history leasing the property.
JLL’s Capital Markets debt placement team representing the new owner was led by Managing Director Keith Largay and Vice President Patrik Modig.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About Garrison Investment Group
Garrison Investment Group is a leading middle market credit, distress and asset-based investor. Garrison’s investment vehicles include hedge funds, private equity format funds and managed accounts.
About Founders Properties
Headquartered in Minneapolis, Founders Properties is a privately held company formed by two highly regarded industry veterans, Best Buy founder Richard M. Schulze and Opus founder Gerald Rauenhorst. The company provides a full range of acquisition, financing, asset management and investment services for high-net-worth investors, continuing the legacy of sponsoring private real estate investments first started in 1997. The company’s current portfolio of approximately 100 institutional grade properties includes office, industrial, retail and mixed-use projects located throughout the United States.