Neyer Properties recently purchased the 104,000 square foot Airport IV office building, located on Airport Drive in Columbus, Ohio. This acquisition marks Neyer’s second in the city of Columbus.
Neyer will be completing building and site renovations at the property. Improvements include improving signage, giving the façade a facelift, and improving the parking lot and creating open work environments in the available suites. Renovations will begin Spring 2016. The interior of the building was renovated in 2014. The property is currently 68 percent occupied; with nearly 33,000 square feet available for lease. Andrew Jameson with Colliers is marketing the building for lease.
“We have continued interest in the Columbus market and are looking to expand our presence in the market,” said Jared Wendling, Director of Acquisitions and Dispositions.
The property sits adjacent to the Port Columbus Intern
ational Airport and Airport IV offers direct access to I-670 and is minutes from Easton Town Center and downtown Colum
bus. The building offers substantial parking for tenants at a nearly 5 per 1,000 ratio.
Neyer’s first purchase in the Columbus market was Bridge Pointe Shopping Center in March 2012. Neyer was able to turn around and sell the property to Crawford Hoying to develop for multi-family use in June 2013.
The acquisition of Airport IV marks Neyer’s second purchase through the company’s Neyer Properties Fund IV LP, which closed in July 2105. The four story building was purchased from Torchlight for $5.75 million. Steve Timmel with Colliers represented the seller.