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REIT buys two Market Exchange buildings

Walker Evans Walker Evans REIT buys two Market Exchange buildings
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Business First of Columbus wrote REIT buys two Market Exchange buildings

August 24, 2007

by Brian R. Ball

A California real estate investment trust has purchased two office properties in Columbus developer J. Daniel Schmidt’s Market Exchange District for $21.9 million.

Records show NNN Healthcare/Office REIT Inc., based in Santa Ana, bought the 56,000-square-foot office building at 515 E. Main St. and a nearby parking lot for $11.6 million. It also bought the 60,000-square-foot medical office building at 500 E. Main St. and a parking lot for $10.3 million.

Schmidt also has the 6,500-square-foot building at 372 E. Main St. on the market for $700,000.

Wilmers said Schmidt continues to have other development plans for East Main Street that will be rolled out in the coming months. Schmidt in February unveiled plans to build four stories atop the former Bobb Chevrolet Co. body shop at 495 E. Main St. as part of a $7 million apartment project.

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13 Responses to REIT buys two Market Exchange buildings

  1. Brewmaster
    Brewmaster August 28, 2007 2:06 pm at 2:06 pm

    Hey…good news!

    Hopefully Schmidt puts that capital back to work downtown by developing something new!

  2. midislut
    midislut August 28, 2007 3:45 pm at 3:45 pm

    hotcardscolumbus owned by doug holmes (doughboy) occupies the top floor of 372 e. main. it is a leased space.

  3. Walker Evans
    Walker August 28, 2007 3:49 pm at 3:49 pm

    Is Doug worried about having to move again? That would be the second time in like two years they’ve had to change locations, right?

    :?

  4. midislut
    midislut August 28, 2007 3:56 pm at 3:56 pm

    Is Doug worried about having to move again? That would be the second time in like two years they’ve had to change locations, right?

    since it was the first he’d heard of it after i told him 20 mins ago he didn’t sound too worried. the article doesn’t seem to mention anything about booting out all tenants.

  5. trygr August 28, 2007 8:12 pm at 8:12 pm

    Apartments? Pricey I wonder….

  6. Likes Old Houses
    Likes Old Houses August 28, 2007 8:12 pm at 8:12 pm

    “Hopefully Schmidt puts that capital back to work downtown by developing something new!”

    Hopefully a residential project that does better then his previous ones

    After 4 years I don’t think they ever sold one of the “Washington/Rich Townhomes” and the “Heights” still has a few units left after 3 or so years. I also am not sure that the “60 Spring” project was a smashing success. His projects just seem to take forever to sell.

    I will say that “The Jeffery” has some great units and should be a success.

  7. trygr August 28, 2007 8:20 pm at 8:20 pm

    Washington/Rich…is that chunk of townhouses that are additions to an existing building? I like that project, at least from the outside. I don’t much about the inside or the pricing.

  8. Walker Evans
    Walker August 28, 2007 9:32 pm at 9:32 pm

    Washington Rich = http://www.sixtyspring.com/washingtonrich.asp

  9. Brewmaster
    Brewmaster August 28, 2007 10:40 pm at 10:40 pm

    I’m pretty sure sixty spring is sold out…or close to it. I assumed Washington Rich has been sold out as there weren’t many units in that development in the first place. They were insanely priced though (I think $400-500k)…especially when you look a few blocks away at Rich St. Walk ($200-250).

  10. Jason Powell
    jpizzow August 29, 2007 12:18 am at 12:18 am

    does anyone know when they are supposed to start construction on the MX2 apartments that DesignGroup did. it’s been talked about forever. the rendering i saw looks pretty good, it fits in good with the more edgy architecture in that quadrant of downtown.

    http://www.dgcolumbus.com/projects/urban/housing/mx2

    sixty spring is sold out, as far as i know. [/url]

  11. ARH August 29, 2007 12:31 am at 12:31 am

    bring us more restaurants…please! i work around there and i love the increasing number of options for my dinner.

  12. Columbusite August 29, 2007 11:26 am at 11:26 am

    jpizzow wrote does anyone know when they are supposed to start construction on the MX2 apartments that DesignGroup did. it’s been talked about forever. the rendering i saw looks pretty good, it fits in good with the more edgy architecture in that quadrant of downtown.

    http://www.dgcolumbus.com/projects/urban/housing/mx2

    sixty spring is sold out, as far as i know. [/url]

    I hear ya. Did you know they’re also doing two more similar development right over there which are also around 50 units each which would add 150 units to the area. I do know there is retail/restaurant space planned for the 1st floor of the MX2 apartments, maybe for the others too. I think the problem is that they simply haven’t been approved yet. It could be something like them getting turned away by the city and told to fine tune the plans multiple times, but it’s been going on for awhile.

  13. ilovethiscity
    ilovethiscity September 1, 2007 1:50 am at 1:50 am

    For those who are ‘in the know,’ can you describe to me in terms of Indian Oven and the pharmacy across from Cityspace headquarters, where the Bobb Chevrolet buidling is. It was weird typing the word Chevrolet.

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