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Subject Property
100 Dorchester SqWesterville, OH 43081 - Westerville Submarket
PROPERTY
Type: Class C Office
Yr Blt/Renov: 1984
Property Size: 10,248 SF
Stories: 2
Typical Floor: 5,124 SF
Core Factor: 15%
Parking Spaces: 42: 4.10/1,000 SF
LOCATION
Walk Score®: Somewhat Walkable (57)
Transit Score®: Minimal Transit (17)
EXPENSES PER SF
Taxes: $3.24/SF (2013)
OWNER
ADR & Associates Limited
Purchased 11/27/2017
Price $875,000; $85.38/SF
VACANCY
Current:
Last Quarter:
0.0%
0.0%
Year Ago: 25.0%
Peers: 17.2%
Submarket 2-4 Star: 6.0%
GROSS ASKING RENT PER SF
Current:
Last Quarter:
$16.95
-
Year Ago: $16.95
Peers: $12.70
Submarket 2-4 Star: $15.99
12 MO. LEASING SF ACTIVITY
Subject Property:
Peers Total:
2,562
5,856
Peers Avg: 585
Submarket Total: 208,321
Submarket Avg: 510
AVAILABLE SPACES
Currently No Available Spaces
Tenant # Emps Move Date Exp DateFloor SFIndustry
KEY TENANTS
Right at Home - Jul 2012 -5,163UnkwnMedical
Diversified 6 Feb 2018 -2,0001stRetailers/Wholesalers
Envisual 6 Nov 2016 -9002ndBusiness Services
Guthrie Law Office 1 Jan 2017 -1502ndLaw Firms
Alloy 10 Aug 2017 --2ndPersonal Services
CoStar Research Moving Out Moving In My Data Shared Data
8/1/2019Copyrighted report licensed to Donald R Kenney & Company - 512681.
Page 1
Sold By DRK - 7/30/19 - $162.00 PSF Office Building in Westerville
8/30/2019
Page 1 Copyrighted report licensed to Donald R Kenney & Company - 512681.
140 Commerce Park Dr - 140 Commerce Park Drive Westerville, OH 43082 - Outlying Delaware County Submarket
BUILDING
Type: Class B Office
Tenancy: Multiple
Year Built: 2003
RBA: 4,540 SF
Floors: 1
Typical Floor: 4,540 SF
Construction: Masonry
LAND
Land Area: 0.66 AC
Zoning: commercial
Parcel 317-334-03-006-005
EXPENSES PER SF
Taxes: $4.08 (2018)
AMENITIES
Air Conditioning, Central Heating, Plug & Play, Signage
LEASING
Available Spaces: No Spaces Currently Available
SALE
Last Sale: Sold on Jul 30, 2019 for $735,000 ($161.89/SF)
TRANSPORTATION
Parking: 24 free Surface Spaces are available; Ratio of 5.29/1,000 SF
Airport: 21 minute drive to John Glenn Columbus International Airport
Walk Score ®: Somewhat Walkable (50)
Transit Score ®: Some Transit (28)
KEY TENANTS
Bradigan & Orlandini Inc. 1,800 SF Heitmeyer Consulting 450 SF
PROPERTY CONTACTS
True Owner: Grafmiller & Davis Insurance Recorded Owner: Grafmiller & Davis Insurance
Prior True Owner: Bale & Assoc LTD
Sold By DRK - 7/30/19 - $162.00 PSF Office Building in Westerville
8/30/2019
Page 2 Copyrighted report licensed to Donald R Kenney & Company - 512681.
140 Commerce Park Dr - 140 Commerce Park Drive Westerville, OH 43082 - Outlying Delaware County Submarket
MARKET CONDITIONS
0.0%
0.1%
0.5%
18.8%
5.7 mo
2.6%
2.8%
-54.4%
1.3%
Submarket Leasing Activity Current YOY
Gross Asking Rents Per SF Current YOY Vacancy Rates Current YOY
Submarket Sales Activity Current YOY
Current Building 0.0%
Submarket 2-4 Star 4.3%
Market Overall 7.1%
Current Building $21.22
Submarket 2-4 Star $17.78
Market Overall $19.65
12 Mo. Leased SF 66,213
Months On Market 5.3
12 Mo. Sales Volume (Mil.) $3.8
12 Mo. Price Per SF $128
Investment Trends100 Dorchester Sq
Sale Comparables
16Avg. Cap Rate
9.3%Avg. Price/SF
$136Avg. Vacancy At Sale
0%SALE COMPARABLE LOCATIONS
SALE COMPARABLES SUMMARY STATISTICS
Sales Attributes Low Average Median High
Sale Price $750,000 $1,709,752 $1,280,000 $5,300,000
Price Per SF $75 $136 $115 $286
Cap Rate 7.0% 9.3% 9.4% 10.5%
Time Since Sale in Months 0.8 9.5 7.6 21.7
Property Attributes Low Average Median High
Building SF 7,236 12,598 11,418 20,484
Stories 1 1 1 2
Typical Floor SF 4,560 10,467 10,025 18,528
Vacancy Rate At Sale 0% 0% 0% 0%
Year Built 1900 1986 1997 2003
Star Rating 2.4
8/1/2019Copyrighted report licensed to Donald R Kenney & Company - 512681.
Page 2
Investment Trends100 Dorchester Sq
Property Name - Address Rating Yr Built Bldg SF Vacancy Price Price/SF
Property
Sale Date
Sale
Cap Rate
-1 507 Executive Campus Dr2002 10,000 0% $919,400 $927/9/2019 -
-2 98 Commerce Park Dr1900 9,120 0% $1,450,000 $1597/2/2019 -
-3 1010 Old Henderson Rd1999 9,562 0% $1,068,624 $1126/6/2019 -
-4 2191-2193 Citygate Dr1999 10,050 0% $750,000 $754/19/2019 -
-5 631 Copeland Mill Dr1982 8,762 0% $1,100,000 $1264/10/2019 -
-6 4816 Indianola Ave2003 7,236 0% $1,050,000 $1454/4/2019 10.5%
-7 5797 Beechcroft Rd1973 13,490 0% $1,975,000 $1463/21/2019 8.9%
-8 1660 NW Professional Pky1972 10,835 0% $1,000,000 $9212/28/2018 10.5%
-9 600 Cross Pointe Rd2003 14,837 0% $1,410,000 $9511/30/2018 -
-10 413 N State St1999 15,976 0% $3,750,000 $23510/12/2018 8.8%
-11 707 Park Meadow Rd1984 18,000 0% $1,800,000 $1006/6/2018 -
-12 6665 Busch Blvd1971 12,000 0% $988,000 $824/4/2018 -
-13 495 Executive Campus Dr1990 9,634 0% $1,150,000 $1191/30/2018 -
-14 1080 Polaris Pky1999 20,484 0% $2,090,000 $1021/11/2018 -
-15 1480 Manning Pky1996 13,054 0% $1,555,000 $11911/14/2017 9.8%
-16 7400 Huntington Park Dr1998 18,528 0% $5,300,000 $28610/10/2017 7.0%
8/1/2019Copyrighted report licensed to Donald R Kenney & Company - 512681.
Page 3
Investment Trends100 Dorchester Sq
COLUMBUS INVESTMENT TRENDS
Very few assets have been exchanged in 2019, and yearover year volume is close to $272,100,000, with theaverage property selling for close to $78.00/SF with an8.6% cap rate. One of the largest sales of the secondquarter involved 4900 Tuttle Crossing, which closed inJune for just over $2.4 million or $60/SF. This Dublinasset was vacant at the time of sale, and will beoccupied by the Dave Thomas Foundation for Adoption.Second quarter transactions were limited, with mostsales resembling 2900 Tuttle Crossing, and salesthroughout June were heavily focused around thesuburbs surrounding Downtown.
While last year's totals remained above historicalexpectations, annual investment activity has slowed forthree years running. Owners are likely hanging on tosafe bets, as the market’s economic outlook is bright,and annual prices per SF continue to rise while cap ratescompress. Columbus’s office market is relatively local
when compared to its multifamily and logisticscounterparts, which draw heavy levels of investment fromnational and international players.
The overwhelming majority of 2018 transactions finalizedin Franklin County, which encompasses the entire city ofColumbus. Franklin County Properties have closed forclose to $90/SF this year, but the market’s highest pricesare found in Delaware County. This area is home to thehot Polaris district, and properties have sold for close to$150/SF.
Volume on the cycle is over $3.2 billion and has beenhighest in the Dublin, North Central, and Downtownsubmarkets. Sales in these submarkets account forroughly half of the metro’s total volume. The metro’sstable and expanding economy has made the metro asafe bet for Ohio investors, and volume in Columbus isnotably higher than in Cincinnati and Cleveland.
SALES VOLUME & MARKET SALE PRICE PER SF
8/1/2019Copyrighted report licensed to Donald R Kenney & Company - 512681.
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Investment Trends100 Dorchester Sq
WESTERVILLE INVESTMENT TRENDS
About $40,600,000 has been exchanged over the lasttwelve months, with the average property selling at$110.00/SF at an 8.8% cap rate. One of the largestrecent sales involves 5797 Beechcroft Road, a 14,000SF 3 Star center which sold for $1.9 million or $145/SFat an 8.9% cap in late March.
Cyclical volume is around $392,680,000, and theaverage property has sold for close to $114.00/SF in thattime frame, some of the metros highest PPS figures. Thelargest sale of the year by far has been the acquisition of
5500 New Albany Rd, a 4 Star center which sold for $20million, close to $200/SF, in March.
Typical annual volume in Westerville is around $34million, and last year saw $58,900,000 trade hands.Activity is heaviest in the western section of thesubmarket. However, assets have sold for the highestprices in the New Albany area. This is a wealthyColumbus submarket, but investor interest might beperked by the recent announcement that Facebook willbe opening up a data center in the city.
SALES VOLUME & MARKET SALE PRICE PER SF
8/1/2019Copyrighted report licensed to Donald R Kenney & Company - 512681.
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Sale Comps Details100 Dorchester Sq
1 507 Executive Campus DrDistance to Subject Property: 2.8 Miles
SALE
Sale Type: Owner User
Sale Date: 7/9/2019
Sale Price: $919,400
Price/SF: $92
PROPERTY
Type: Class B Office
Yr Blt/Renov: 2002
RBA: 10,000 SF
Stories: 1
Typical Floor: 10,000 SF
Vacancy At S… 0%
Parking: 60: 5.90/1,000 SF-
CONTACTS
Buyer: D R Horton-indian Llc
Seller: Schanck William E Trust
2 98 Commerce Park DrDistance to Subject Property: 2.3 Miles
SALE
Sale Type: Owner User
Sale Date: 7/2/2019
Time On Mar… 215 Days
Sale Price: $1,450,000
Price/SF: $159
PROPERTY
Type: Class B Office
Yr Blt/Renov: 1900
RBA: 9,120 SF
Stories: 2
Typical Floor: 7,863 SF
Vacancy At S… 0%
Parking: 75: 8.14/1,000 SF-
CONTACTS
Buyer: Ohio Assocation of Sch…
Seller: Tim Bahan
Buyer Broker: Newmark Knight Frank…
Listing Broker: Best Corporate Real Es…
8/1/2019Copyrighted report licensed to Donald R Kenney & Company - 512681.
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Sale Comps Details100 Dorchester Sq
3 1010 Old Henderson RdDistance to Subject Property: 7.6 Miles
PROPERTY
Type: Class C Office
Yr Blt/Renov: 1999
RBA: 9,562 SF
Stories: 2
Typical Floor: 4,781 SF
Vacancy At S… 0%
Parking: 24: 2.51/1,000 SF
SALE
Sale Type: Owner User
Sale Date: 6/6/2019
Time On Mar… 309 Days
Sale Price: $1,068,624
Price/SF: $112
CONTACTS
Buyer: Preferred Living
Seller: Sama Management Gro…
Buyer Broker: RE/MAX City Center Re…
Listing Broker: RE/MAX City Center Re…
SALE TERMS
Sale Conditio… Redevelopment Proj…
TRANSACTION NOTES
This transaction is being researched.
4 2191-2193 Citygate DrDistance to Subject Property: 6.4 Miles
PROPERTY
Type: Class B Office
Yr Blt/Renov: 1999; Renov 2002
RBA: 10,050 SF
Stories: 1
Typical Floor: 10,050 SF
Vacancy At S… 0%
Parking: 36: 4.00/1,000 SF
SALE
Sale Type: Investment
Sale Date: 4/19/2019
Sale Price: $750,000
Price/SF: $75
CONTACTS
Buyer: National Tax & Account…
Seller: Sophisticated Systems…
Listing Broker: Crawford Hoying Real…
SALE TERMS
Financing: 1st Mortgage Bal/P…
TRANSACTION NOTES
The 10,050 SF Class B Office Building located at 2191-2193 Citygate Drive, Columbus, OH sold on April 19, 2019 for $750,000. There was financingfor this transaction. Details of this sale were verified through public record.
8/1/2019Copyrighted report licensed to Donald R Kenney & Company - 512681.
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Sale Comps Details100 Dorchester Sq
5 631 Copeland Mill DrDistance to Subject Property: 1.4 Miles
PROPERTY
Type: Class C Office
Yr Blt/Renov: 1982
RBA: 8,762 SF
Stories: 1
Typical Floor: 8,762 SF
Vacancy At S… 0%
Parking: 50: 5.55/1,000 SF
SALE
Sale Type: Owner User
Sale Date: 4/10/2019
Time On Mar… 3 Yrs 2 Mos
Sale Price: $1,100,000
Price/SF: $126
CONTACTS
Buyer: Warden Properties Inc.
Seller: Lamp, David L
Listing Broker: Kohr Royer Griffith Inc.…
-
TRANSACTION NOTES
This transaction is being researched.
6 4816 Indianola AveDistance to Subject Property: 5.1 Miles
PROPERTY
Type: Class B Office
Yr Blt/Renov: 2003
RBA: 7,236 SF
Stories: 1
Typical Floor: 7,236 SF
Vacancy At S… 0%
Parking: 36: 4.00/1,000 SF
SALE
Sale Type: Investment
Sale Date: 4/4/2019
Sale Price: $1,050,000
Price/SF: $145
Cap Rate: 10.5%
CONTACTS
Buyer: Charles River Consulta…
Seller: Fannin Realty
-
TRANSACTION NOTES
On 4/4/2019 this class B office building was sold to Joshua Wurzburger of Charles River Consultants for $1,050,000. Larry Fannin had Phillip Bird ofNAI Ohio Equities LLC as the listing broker. Haven't ben able to reach anyone from the seller side.
8/1/2019Copyrighted report licensed to Donald R Kenney & Company - 512681.
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Sale Comps Details100 Dorchester Sq
7 5797 Beechcroft RdDistance to Subject Property: 2.6 Miles
PROPERTY
Type: Class C Office
Yr Blt/Renov: 1973
RBA: 13,490 SF
Stories: 1
Typical Floor: 13,490 SF
Vacancy At S… 0%
Parking: 70: 5.48/1,000 SF
SALE
Sale Type: Investment
Sale Date: 3/21/2019
Time On Mar… 204 Days
Sale Price: $1,975,000
Price/SF: $146
Cap Rate: 8.9%
CONTACTS
Buyer: Andrew Kent Tibbitts
Seller: CHRISTOPHER J. HER…
Listing Broker: The Robert Weiler Com…
SALE TERMS
Sale Conditio… Sale Leaseback, Inv…
TRANSACTION NOTES
On 3/21/19 this 13,490 square foot office build sold for $1,975,000.00 as part of a sale/leaseback deal from C3H Ltd to Beechcroft Medical LLC
8 1660 NW Professional PkyDistance to Subject Property: 8.4 Miles
PROPERTY
Type: Class C Office
Yr Blt/Renov: 1972
RBA: 10,835 SF
Stories: 1
Typical Floor: 10,835 SF
Vacancy At S… 0%
Parking: 46: 4.25/1,000 SF
SALE
Sale Type: Investment
Sale Date: 12/28/2018
Time On Mar… 275 Days
Sale Price: $1,000,000
Price/SF: $92
Cap Rate: 10.5%
CONTACTS
Buyer: Campus Consortium
Seller: LS Development Syste…
Buyer Broker: Keller Williams Consult…
Listing Broker: NAI Ohio Equities LLC -…
-
TRANSACTION NOTES
This 10,835 SF Office Building was sold by Chris Schnetzler on 12/28/2018 to Arun Kumar Chopra for $1,000,000. Peter Merkle and Matt Gregory ofNAI Ohio Equities, brokered the deal for the the seller and Kishore Billakanti for the buyer.
8/1/2019Copyrighted report licensed to Donald R Kenney & Company - 512681.
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Sale Comps Details100 Dorchester Sq
9 600 Cross Pointe RdDistance to Subject Property: 8.7 Miles
PROPERTY
Type: Class B Office
Yr Blt/Renov: 2003
RBA: 14,837 SF
Stories: 1
Typical Floor: 14,837 SF
Vacancy At S… 0%
Parking: 100: 6.75/1,000 SF
SALE
Sale Type: Owner User
Sale Date: 11/30/2018
Time On Mar… 63 Days
Sale Price: $1,410,000
Price/SF: $95
CONTACTS
Buyer: Reliant Capital Solutions
Seller: The Ohio PIA Service C…
Listing Broker: Newmark Knight Frank…
-
TRANSACTION NOTES
Corey Cooperman of Newmark Kinght Frank brokerd the deal between Carrie Wallace and David Shull for this 14,837 sf Office Building. It sold for$1,410,000 on 11/30/2018.
10 413 N State StDistance to Subject Property: 2.1 Miles
PROPERTY
Type: Class B Office
Yr Blt/Renov: 1999
RBA: 15,976 SF
Stories: 2
Typical Floor: 9,078 SF
Vacancy At S… 0%
Parking: 60: 3.76/1,000 SF
SALE
Sale Type: Investment
Sale Date: 10/12/2018
Time On Mar… 157 Days
Sale Price: $3,750,000
Price/SF: $235
Cap Rate: 8.8%
CONTACTS
Buyer: Gabriel Yandam
Seller: HER Realtors Commerc…
Buyer Broker: E-Merge Real Estate - A…
Listing Broker: HER Realtors Commerc…
SALE TERMS
Financing: 1st Mortgage: Ready…
TRANSACTION NOTES
On October 12, 2018 this 15,976 SF office building sold by HER Investments Limited for $3,750,000.00 to Westerville Yandam, LLC.
8/1/2019Copyrighted report licensed to Donald R Kenney & Company - 512681.
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Sale Comps Details100 Dorchester Sq
11 707 Park Meadow RdDistance to Subject Property: 0.8 Miles
PROPERTY
Type: Class C Office
Yr Blt/Renov: 1984
RBA: 18,000 SF
Stories: 1
Typical Floor: 18,000 SF
Vacancy At S… 0%
Parking: 92: 5.11/1,000 SF
SALE
Sale Type: Owner User
Sale Date: 6/6/2018
Time On Mar… 113 Days
Sale Price: $1,800,000
Price/SF: $100
CONTACTS
Buyer: Brian & Joanne Marshall
Seller: Definite Homecare Solu…
Buyer Broker: NAI Ohio Equities LLC -…
Listing Broker: NAI Ohio Equities LLC -…
-
TRANSACTION NOTES
This 18,000 sq ft retail property sold for $1,800,000 on June 6 2018. Verified with Buyer Broker Mark Francescon and Seller Broker Matt Gregory,both with NAI Ohio Equities. The property was vacant at the time of the sale and the deal was financed.
8/1/2019Copyrighted report licensed to Donald R Kenney & Company - 512681.
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Sale Comps Details100 Dorchester Sq
12 6665 Busch BlvdDistance to Subject Property: 3.8 Miles
PROPERTY
Type: Class C Office
Yr Blt/Renov: 1971
RBA: 12,000 SF
Stories: 1
Typical Floor: 12,000 SF
Vacancy At S… 0%
Parking: 38: 3.17/1,000 SF
SALE
Sale Type: Owner User
Sale Date: 4/4/2018
Time On Mar… 175 Days
Sale Price: $988,000
Price/SF: $82
CONTACTS
Buyer: Habitat For Humanity M…
Seller: Brian & Joanne Marshall
Buyer Broker: CBRE - Michael Copella
Listing Broker: NAI Ohio Equities LLC -…
-
TRANSACTION NOTES
On April 4th, 2018, the 12,000 SF office property at 6665 Busch Blvd, Columbus, OH was sold for $988,000, or $82.33/SF.
The property was on the market for 175 days, with an initial asking price of $995,000. The transaction was in escrow for approximately 60 days.
The seller was motivated to divest the property because they had outgrown the space.
The sale was an arm length sale.
The SF and price were confirmed with the seller's agent.
8/1/2019Copyrighted report licensed to Donald R Kenney & Company - 512681.
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Sale Comps Details100 Dorchester Sq
13 495 Executive Campus DrDistance to Subject Property: 2.7 Miles
PROPERTY
Type: Class B Office
Yr Blt/Renov: 1990
RBA: 9,634 SF
Stories: 1
Typical Floor: 9,634 SF
Vacancy At S… 0%
Parking: 30: 3.11/1,000 SF
SALE
Sale Type: Investment
Sale Date: 1/30/2018
Sale Price: $1,150,000
Price/SF: $119
CONTACTS
Buyer: Sean Stoner
Seller: Building Industry Asso…
Buyer Broker: Keller Williams Greater…
Listing Broker: Keller Williams Greater…
SALE TERMS
Sale Conditio… Sale Leaseback
Financing: 1st Mortgage: Old F…
TRANSACTION NOTES
The office building sold for a confirmed price of $1,150,000, or about $119.37 per square foot on January 30, 2018.
The asset delivered in the 1990s and is situated on 1.02 acres. This was a private transaction. The buyer obtained financing. While the seller remainsin the building future relocation has not yet been determined. The property is currently occupied by three tenants. Information obtained is consistentwith county recorded documents.
A contact for the seller confirmed the transaction.
14 1080 Polaris PkyDistance to Subject Property: 4.5 Miles
PROPERTY
Type: Class B Office
Yr Blt/Renov: 1999
RBA: 20,484 SF
Core Factor: 14%
Stories: 2
Typical Floor: 10,242 SF
Vacancy At S… 0%
Parking: 110: 5.37/1,000 SF
SALE
Sale Date: 1/11/2018
Sale Price: $2,090,000
Price/SF: $102
CONTACTS
Buyer: Ivb Llc
Seller: B/t Gsr Polaris Properti…
-
TRANSACTION NOTES
On January 11, 2018, the 20,484 sf office building was sold for $2,090,000 or $102.03/sf. Research attempted to contact all parties involved in thesale, however, was unable to reach anyone. All information was obtained per public record.
8/1/2019Copyrighted report licensed to Donald R Kenney & Company - 512681.
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Sale Comps Details100 Dorchester Sq
15 1480 Manning PkyDistance to Subject Property: 6.8 Miles
PROPERTY
Type: Class C Office
Yr Blt/Renov: 1996
RBA: 13,054 SF
Stories: 2
Typical Floor: 5,353 SF
Vacancy At S… 0%
Parking: 23: 1.76/1,000 SF
SALE
Sale Type: Owner User
Sale Date: 11/14/2017
Time On Mar… 301 Days
Sale Price: $1,555,000
Price/SF: $119
Cap Rate: 9.8%
CONTACTS
Buyer: Measurement Resource…
Seller: Charles Penzone Inc
Listing Broker: Capitol Equities Realty…
SALE TERMS
Financing: 1st Mortgage: Fahey…
TRANSACTION NOTES
The office building sold for $1,555,000, on November 14, 2017.
The asset delivered in 1996. It was financed. At the time of sale the property was fully occupied. The buyer intends to move in to operate theirbusiness.
Information obtained is consistent with county recorded documents.
A contact for the buyer confirmed the transaction.
8/1/2019Copyrighted report licensed to Donald R Kenney & Company - 512681.
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Sale Comps Details100 Dorchester Sq
16 7400 Huntington Park DrDistance to Subject Property: 4.4 Miles
PROPERTY
Type: Class B Office
Yr Blt/Renov: 1998
RBA: 18,528 SF
Stories: 1
Typical Floor: 18,528 SF
Vacancy At S… 0%
Parking: 120: 6.43/1,000 SF
SALE
Sale Type: Investment
Sale Date: 10/10/2017
Time On Mar… 306 Days
Sale Price: $5,300,000
Price/SF: $286
Cap Rate: 7.0%
CONTACTS
Buyer: Frank J Cipriano
Seller: MPM Properties, LTD
Buyer Broker: Aspen Realty - Doug M…
Listing Broker: The Robert Weiler Com…
SALE TERMS
Financing: Unknown: Middlefiel…
TRANSACTION NOTES
On October 10, 2017, the Crosswoods Center located at 7400 Hungtington Park Drive in Columbus, OH sold for $5,300,000. The Class B medicaloffice building consists of 18,528 square feet and was built in 1998.
The property was on the market for ten months, with an initial asking price of $5,950,000.
The cap rate at the time of sale was 6.96%, based on the net operatinf income of $368,900.
This information was confirmed by the seller's broker and the buyer's broker.
8/1/2019Copyrighted report licensed to Donald R Kenney & Company - 512681.
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Sales Volume100 Dorchester Sq
WESTERVILLE SUBMARKET SALES VOLUME IN SQUARE FEET
COLUMBUS EAST SUBMARKET CLUSTER SALES VOLUME IN SQUARE FEET
COLUMBUS METRO SALES VOLUME IN SQUARE FEET
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Sales Pricing100 Dorchester Sq
NATIONAL PRICE INDICES
REGIONAL OFFICE PRICE INDICES
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Sales Pricing100 Dorchester Sq
PRICE PER SF INDEX
UNITED STATES OFFICE PRICE PER SF IN PAST YEAR COLUMBUS OFFICE PRICE PER SF IN PAST YEAR
PRICE PER SF SUMMARY OF SALES IN PAST YEAR
Geography HighTop 25%AverageMedianBottom 25%LowTransactions
$28,525United States 20,314 $0.02 $44 $126 $247 $435
$884Columbus 180 $3.40 $37 $92 $74 $169
$248Columbus East 36 $18 $40 $102 $94 $161
$248Westerville 23 $31 $43 $112 $106 $173
$235Selected Sale Comps 10 $75 $86 $119 $132 $180
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Cap Rates100 Dorchester Sq
CAP RATE TRENDS
UNITED STATES OFFICE CAP RATES IN PAST YEAR COLUMBUS OFFICE CAP RATES IN PAST YEAR
CAP RATE SUMMARY OF SALES IN PAST YEAR
Geography HighTop 25%AverageMedianBottom 25%LowTransactions
28.9%United States 3,727 0.9% 5.3% 7.4% 7.5% 10.0%
12.0%Columbus 30 6.5% 7.3% 8.6% 8.7% 10.4%
11.9%Columbus East 6 8.0% 8.1% 9.0% 9.3% 10.7%
9.5%Westerville 4 8.0% 8.0% 9.0% 8.9% 9.5%
10.5%Selected Sale Comps 4 8.8% 8.8% 9.7% 9.7% 10.5%
8/1/2019Copyrighted report licensed to Donald R Kenney & Company - 512681.
Page 19
Buyers100 Dorchester Sq
TOP COLUMBUS OFFICE BUYERS PAST TWO YEARS
Purchased at least one asset in Westerville submarket
Properties Bought
Company Name Bldgs VolumeSF
Properties Sold
SF BldgsVolume
Cantor Fitzgerald & Co. 1 216,514 $46,600,000 0 0 -
The Opus Group 3 320,748 $31,350,000 0 0 -
ValStone Partners 1 330,849 $28,000,000 0 0 -
Thirty-One Gifts LLC 1 175,000 $24,000,000 0 0 -
I.M.C. Management 2 325,046 $22,275,000 0 0 -
Group RMC 2 486,519 $21,230,000 1 112,500 $9,250,000
E M H & T Inc 1 104,807 $20,000,000 0 0 -
Bailard 1 135,485 $19,500,000 0 0 -
Tempus Real Estate Investments 2 192,854 $17,800,067 0 0 -
Gladstone Commercial Corporation 1 102,559 $17,150,000 0 0 -
Davidson Kempner Capital Management LP 2 139,290 $15,430,075 0 0 -
Priam Capital 4 394,980 $12,714,518 0 0 -
Cory Harkleroad 1 118,030 $11,000,000 0 0 -
Jian Wei 1 96,876 $9,675,803 0 0 -
Sperry Commercial 1 96,876 $9,675,803 1 96,876 $9,675,803
OhioHealth Corporation 1 112,500 $9,250,000 0 0 -
Lawyers Development Corporation 1 219,708 $6,500,000 0 0 -
RSM Real Estate Services 1 70,869 $6,450,000 0 0 -
Realty Corp 3 124,151 $6,400,000 0 0 -
Alpha Residential Trust, LLC 1 14,416 $6,000,000 0 0 -
Landmark Investments Inc 1 50,027 $5,574,000 1 3,343 $830,000
Frank J Cipriano 1 18,528 $5,300,000 0 0 -
Raith Capital Partners, LLC 1 111,780 $4,700,000 0 0 -
Boyd Watterson Asset Management 1 36,000 $4,500,000 0 0 -
Uprising Capital 1 56,517 $4,500,000 0 0 -
TYPES OF OFFICE COLUMBUS BUYERS PAST TWO YEARS
Company Type Bldgs Millions Avg PricePrice/SF
Average Purchase
SF
Buying Volume
Private 119 3,556,771 $69 $2,090,521$248.8
Institutional 8 598,155 $140 $10,490,000$83.9
Private Equity 10 1,366,054 $61 $8,337,459$83.4
User 33 899,839 $89 $2,440,627$80.5
REIT/Public 2 122,623 $165 $10,175,000$20.4
$0 $70 $140 $210 $280
8/1/2019Copyrighted report licensed to Donald R Kenney & Company - 512681.
Page 20
Sellers100 Dorchester Sq
TOP COLUMBUS OFFICE SELLERS PAST TWO YEARS
Sold at least one asset in Westerville submarket
Properties Sold
Company Name Bldgs VolumeSF
Properties Bought
SF BldgsVolume
The Georgetown Company 1 216,514 $46,600,000 0 0 -
Lexington Realty Trust 3 244,097 $35,430,075 0 0 -
The Blackstone Group L.P. 3 883,523 $34,200,000 0 0 -
TIER REIT, Inc. 1 330,849 $28,000,000 0 0 -
Golden Gate Capital 1 175,000 $24,000,000 0 0 -
Zurich Insurance Group Ltd. 2 325,046 $22,275,000 0 0 -
PNL Companies 2 208,854 $21,100,000 0 0 -
HPI Real Estate Services & Investments 2 192,854 $17,800,067 0 0 -
Morgan Stanley & Co. LLC 1 102,559 $17,150,000 0 0 -
CapRocq Core Real Estate Fund L.P. 2 80,355 $12,714,518 0 0 -
Matthew Cowan Real Estate 1 118,030 $11,000,000 0 0 -
Sperry Commercial 1 96,876 $9,675,803 1 96,876 $9,675,803
Group RMC 1 112,500 $9,250,000 2 486,519 $21,230,000
Waterstone Asset Management 1 112,500 $6,530,000 0 0 -
Anthem, Inc. 1 219,708 $6,500,000 0 0 -
Gemini Investments (Holdings) Limited 1 70,869 $6,450,000 0 0 -
Bergman Real Estate Group 3 124,151 $6,400,000 0 0 -
Consolidated Medical Specialist 1 14,416 $6,000,000 0 0 -
DEC Investment Group, Inc. 1 50,027 $5,574,000 0 0 -
MPM Properties, LTD 1 18,528 $5,300,000 0 0 -
VEREIT, Inc. 1 111,780 $4,700,000 0 0 -
Curtis Investments 1 36,000 $4,500,000 0 0 -
Welltower Inc. 1 56,517 $4,500,000 0 0 -
inContact, Inc 1 46,653 $4,465,000 0 0 -
Carlile Patchen & Murphy, LLP 1 31,237 $4,300,000 0 0 -
TYPES OF OFFICE COLUMBUS SELLERS PAST TWO YEARS
Company Type Bldgs Millions Avg PricePrice/SF
Average Sale
SF
Selling Volume
Private 99 2,474,651 $100 $2,499,827$247.5
Private Equity 7 1,251,378 $64 $11,452,074$80.2
User 35 940,001 $70 $1,889,431$66.1
Institutional 10 1,423,871 $36 $5,251,300$52.5
REIT/Public 6 483,263 $105 $8,513,345$51.1
$0 $70 $140 $210 $280
8/1/2019Copyrighted report licensed to Donald R Kenney & Company - 512681.
Page 21
Lease Comps Summary100 Dorchester Sq
Deals
9Gross Asking Rent Per SF
$13.18Gross Starting Rent Per SF
$13.18Avg. Months On Market
36LEASE COMPARABLES
SUMMARY STATISTICS
Rent Deals Low Average Median High
Gross Asking Rent Per SF
Gross Starting Rent Per SF
Gross Effective Rent Per SF
Asking Rent Discount
TI Allowance
Months Free Rent
9
9
4
9
1
3
$12.00
$12.00
$12.95
0.0%
$0.00
0
$13.18
$13.18
$12.97
0.0%
$0.00
0
$12.95
$12.95
$12.95
0.0%
$0.00
0
0.0%
$0.00
0
$15.26
$15.26
$13.01
Lease Attributes Deals Low Average Median High
Months on Market
Deal Size
Lease Deal in Months
Floor Number
9
9
9
9
2
865
12.0
1
36
1,152
17.0
1
12
1,152
12.0
1 2
122
1,300
36.0
8/1/2019Copyrighted report licensed to Donald R Kenney & Company - 512681.
Page 5
Lease Comps Summary100 Dorchester Sq
Property Name - Address Rating SF Leased Floor Sign Date Rent Rent Type
Lease
Type
Rents
-1 611 Park Meadow Rd1,200 1st 6/5/2019 $12.95/mg EffectiveNew
-2 WESTERVILLE OFFICE…1,152 1st 6/5/2019 $12.95/mg Effective
635 Park Meadow RdNew
-2 WESTERVILLE OFFICE…1,152 1st 6/5/2019 $12.95/mg Effective
635 Park Meadow RdNew
-1 611 Park Meadow Rd1,200 1st 4/4/2019 $12.95/mg StartingNew
-3 15 Bishop Dr1,200 2nd 3/14/2019 $15.00/mg StartingNew
-4 Eastwind 1000865 1st 3/4/2019 $15.26/mg Starting
1001 Eastwind DrNew
-5 623 Park Meadow Rd1,152 1st 11/13/2018 $12.00/mg StartingNew
-4 Eastwind 10001,300 1st 10/23/2018 $12.00/nnn Effective
1001 Eastwind DrNew
-1 611 Park Meadow Rd1,152 1st 9/1/2018 $12.00/mg StartingNew
8/1/2019Copyrighted report licensed to Donald R Kenney & Company - 512681.
Page 6
Lease Comps Details100 Dorchester Sq
1 611 Park Meadow RdWesterville, OH 43081 - Westerville Submarket
RENTS
Asking Rent: $12.95/MG
Starting Rent: $12.95/MG
Effective Rent: $12.95/MG
CONCESSIONS AND BUILDOUT
Asking Discount: 0.00%
PROPERTY EXPENSES
Taxes: $1.69/SF (2019)
LEASE
SF Leased: 1,200 SF
Sign Date: Jun 2019
Space Use: Office
Lease Type: Direct
Floor: 1st Floor
Suite: L
LEASE TERM
Start Date: Jul 2019
Expiration Date: Jun 2020
Lease Term: 1 Year
TIME VACANT
Date Occupied: Jul 2019
TIME ON MARKET
Date On Market: Feb 2019
Date Off Market: Jun 2019
Months on Market: 4 Months
LEASING REP
Dublin Center
2700 Sawbury Blvd
Columbus, OH 43235-1821
Carroll Blazina (614) 764-0197
PROPERTY
Rentable Area: 14,885 SF
Stories: 1
Floor Size: 14,885 SF
Vacancy at Lease: 8.1%
Property Type: Office
Status: Built 1985
Tenancy: Multi
Class: B
Construction: Masonry
Parking: 80 free Surface Spa…
MARKET AT LEASE
Vacancy Rates 2019 Q2 YOY
3.1%
0.6%
0.3%Current Building 8.1%
Submarket 1-3 Star
Market Overall 6.9%
6.0%
Same Store Asking Rent/SF 2019 Q2 YOY
0.7%
1.0%
0.0%Current Building $12.00
Submarket 1-3 Star
Market Overall $19.37
$16.83
Submarket Leasing Activity 2019 Q2 YOY
6.7
57.1%12 Mo. Leased SF 269,316
Months On Market 15.5
8/1/2019Copyrighted report licensed to Donald R Kenney & Company - 512681.
Page 7
Lease Comps Details100 Dorchester Sq
2 635 Park Meadow Rd - WESTERVILLE OFFICE CENTERWesterville, OH 43081 - Westerville Submarket
RENTS
Asking Rent: $12.95/MG
Starting Rent: $12.95/MG
Effective Rent: $12.95/MG
CONCESSIONS AND BUILDOUT
Asking Discount: 0.00%
Buildout Status: Partial Build-Out
PROPERTY EXPENSES
Taxes: $0.06/SF (2019)
LEASE
SF Leased: 1,152 SF
Sign Date: Jun 2019
Space Use: Office
Lease Type: Direct
Floor: 1st Floor
Suite: 104
LEASE TERM
Start Date: Jul 2019
Expiration Date: Jun 2021
Lease Term: 2 Years
TIME VACANT
Date Vacated: Jan 2019
Date Occupied: Jul 2019
Months Vacant: 6 Months
TIME ON MARKET
Date On Market: Mar 2017
Date Off Market: Jun 2019
Months on Market: 27 Months
LEASING REP
Dublin Center
2700 Sawbury Blvd
Columbus, OH 43235-1821
Carroll Blazina (614) 764-0197
PROPERTY
Rentable Area: 35,000 SF
Stories: 2
Floor Size: 17,500 SF
Vacancy at Lease: 46.1%
Property Type: Office
Status: Built 1983
Tenancy: Multi
Class: B
Construction: Masonry
Parking: 48 free Surface Spa…
MARKET AT LEASE
Vacancy Rates 2019 Q2 YOY
3.1%
0.6%
28.9%Current Building 46.1%
Submarket 1-3 Star
Market Overall 6.9%
6.0%
Same Store Asking Rent/SF 2019 Q2 YOY
0.7%
1.0%
13.8%Current Building $12.00
Submarket 1-3 Star
Market Overall $19.37
$16.83
Submarket Leasing Activity 2019 Q2 YOY
6.7
57.1%12 Mo. Leased SF 269,316
Months On Market 15.5
8/1/2019Copyrighted report licensed to Donald R Kenney & Company - 512681.
Page 8
Lease Comps Details100 Dorchester Sq
2 635 Park Meadow Rd - WESTERVILLE OFFICE CENTERWesterville, OH 43081 - Westerville Submarket
RENTS
Asking Rent: $12.95/MG
Starting Rent: $12.95/MG
Effective Rent: $12.95/MG
CONCESSIONS AND BUILDOUT
Asking Discount: 0.00%
Buildout Status: Partial Build-Out
PROPERTY EXPENSES
Taxes: $0.06/SF (2019)
LEASE
SF Leased: 1,152 SF
Sign Date: Jun 2019
Space Use: Office
Lease Type: Direct
Floor: 1st Floor
Suite: 105
LEASE TERM
Start Date: Jul 2019
Expiration Date: Jun 2021
Lease Term: 2 Years
TIME VACANT
Date Vacated: Jan 2019
Date Occupied: Jul 2019
Months Vacant: 6 Months
TIME ON MARKET
Date On Market: Mar 2017
Date Off Market: Jun 2019
Months on Market: 27 Months
LEASING REP
Dublin Center
2700 Sawbury Blvd
Columbus, OH 43235-1821
Carroll Blazina (614) 764-0197
PROPERTY
Rentable Area: 35,000 SF
Stories: 2
Floor Size: 17,500 SF
Vacancy at Lease: 46.1%
Property Type: Office
Status: Built 1983
Tenancy: Multi
Class: B
Construction: Masonry
Parking: 48 free Surface Spa…
MARKET AT LEASE
Vacancy Rates 2019 Q2 YOY
3.1%
0.6%
28.9%Current Building 46.1%
Submarket 1-3 Star
Market Overall 6.9%
6.0%
Same Store Asking Rent/SF 2019 Q2 YOY
0.7%
1.0%
13.8%Current Building $12.00
Submarket 1-3 Star
Market Overall $19.37
$16.83
Submarket Leasing Activity 2019 Q2 YOY
6.7
57.1%12 Mo. Leased SF 269,316
Months On Market 15.5
8/1/2019Copyrighted report licensed to Donald R Kenney & Company - 512681.
Page 9
Lease Comps Details100 Dorchester Sq
1 611 Park Meadow RdWesterville, OH 43081 - Westerville Submarket
RENTS
Asking Rent: $12.95/MG
Starting Rent: $12.95/MG
CONCESSIONS AND BUILDOUT
Asking Discount: 0.00%
Mo. Free Rents: 0 Months
PROPERTY EXPENSES
Taxes: $1.69/SF (2019)
LEASE
SF Leased: 1,200 SF
Sign Date: Apr 2019
Space Use: Office
Lease Type: Direct
Floor: 1st Floor
Suite: B
LEASE TERM
Start Date: May 2019
Expiration Date: May 2020
Lease Term: 1 Year
TIME VACANT
Date Occupied: May 2019
TIME ON MARKET
Date On Market: Feb 2019
Date Off Market: Apr 2019
Months on Market: 2 Months
LEASING REP
Dublin Center
2700 Sawbury Blvd
Columbus, OH 43235-1821
Carroll Blazina (614) 764-0197
PROPERTY
Rentable Area: 14,885 SF
Stories: 1
Floor Size: 14,885 SF
Vacancy at Lease: 8.1%
Property Type: Office
Status: Built 1985
Tenancy: Multi
Class: B
Construction: Masonry
Parking: 80 free Surface Spa…
MARKET AT LEASE
Vacancy Rates 2019 Q2 YOY
3.1%
0.6%
0.3%Current Building 8.1%
Submarket 1-3 Star
Market Overall 6.9%
6.0%
Same Store Asking Rent/SF 2019 Q2 YOY
0.7%
1.0%
0.0%Current Building $12.00
Submarket 1-3 Star
Market Overall $19.37
$16.83
Submarket Leasing Activity 2019 Q2 YOY
6.7
57.1%12 Mo. Leased SF 269,316
Months On Market 15.5
8/1/2019Copyrighted report licensed to Donald R Kenney & Company - 512681.
Page 10
Lease Comps Details100 Dorchester Sq
3 15 Bishop DrWesterville, OH 43081 - Westerville Submarket
RENTS
Asking Rent: $15.00/MG
Starting Rent: $15.00/MG
CONCESSIONS AND BUILDOUT
Asking Discount: 0.00%
Buildout Status: Partial Build-Out
PROPERTY EXPENSES
Taxes: $2.68/SF (2019)
LEASE
SF Leased: 1,200 SF
Sign Date: Mar 2019
Space Use: Office
Lease Type: Direct
Floor: 2nd Floor
Suite: 204
LEASE TERM
Start Date: Apr 2019
Expiration Date: Apr 2022
Lease Term: 3 Years
TIME VACANT
Date Vacated: Nov 2017
Date Occupied: Apr 2019
Months Vacant: 17 Months
TIME ON MARKET
Date On Market: Jan 2009
Date Off Market: Mar 2019
Months on Market: 123 Months
LEASING REP
HER Realtors Commercial Real Estate S…
4261 Morse Rd
Columbus, OH 43230-1522
Scott Hrabcak (614) 545-1432
PROPERTY
Rentable Area: 6,772 SF
Stories: 2
Floor Size: 2,343 SF
Vacancy at Lease: 17.7%
Land Acres: 0.24
Property Type: Office
Status: Built 1989
Tenancy: Multi
Class: C
Construction: Masonry
Parking: 36 free Surface Spa…
MARKET AT LEASE
Vacancy Rates 2019 Q1 YOY
3.0%
0.3%
0.0%Current Building 17.7%
Submarket 1-3 Star
Market Overall 6.5%
6.4%
Same Store Asking Rent/SF 2019 Q1 YOY
1.2%
1.6%
0.0%Current Building $15.00
Submarket 1-3 Star
Market Overall $19.16
$16.69
Submarket Leasing Activity 2019 Q1 YOY
9.6
39.2%12 Mo. Leased SF 364,804
Months On Market 14.9
8/1/2019Copyrighted report licensed to Donald R Kenney & Company - 512681.
Page 11
Lease Comps Details100 Dorchester Sq
4 1001 Eastwind Dr - Eastwind 1000Westerville, OH 43081 - Westerville Submarket
RENTS
Asking Rent: $15.26/MG
Starting Rent: $15.26/MG
CONCESSIONS AND BUILDOUT
Asking Discount: 0.00%
PROPERTY EXPENSES
Taxes: $0.43/SF (2019)
Operating Exp.: $1.12/SF (2013-Est)
LEASE
SF Leased: 865 SF
Sign Date: Mar 2019
Space Use: Office
Lease Type: Direct
Floor: 1st Floor
Suite: 404
LEASE TERM
Start Date: Apr 2019
Expiration Date: Apr 2020
Lease Term: 1 Year
TIME VACANT
Date Vacated: Feb 2018
Date Occupied: Apr 2019
Months Vacant: 14 Months
TIME ON MARKET
Date On Market: Mar 2018
Date Off Market: Mar 2019
Months on Market: 12 Months
LEASING REP
Keller Williams Realty
1510 W Lane Ave, Suite B
Upper Arlington, OH 43221
David J. Nauman (614) 451-8500
PROPERTY
Rentable Area: 10,000 SF
Stories: 2
Floor Size: 5,000 SF
Vacancy at Lease: 48.7%
Land Acres: 1.40
Property Type: Office
Status: Built 1985
Tenancy: Multi
Class: C
Construction: Masonry
Parking: 110 free Surface Sp…
MARKET AT LEASE
Vacancy Rates 2019 Q1 YOY
3.0%
0.3%
27.0%Current Building 48.7%
Submarket 1-3 Star
Market Overall 6.5%
6.4%
Same Store Asking Rent/SF 2019 Q1 YOY
1.2%
1.6%
16.0%Current Building $16.37
Submarket 1-3 Star
Market Overall $19.16
$16.69
Submarket Leasing Activity 2019 Q1 YOY
9.6
39.2%12 Mo. Leased SF 364,804
Months On Market 14.9
8/1/2019Copyrighted report licensed to Donald R Kenney & Company - 512681.
Page 12
Lease Comps Details100 Dorchester Sq
5 623 Park Meadow RdWesterville, OH 43081 - Westerville Submarket
RENTS
Asking Rent: $12.00/MG
Starting Rent: $12.00/MG
CONCESSIONS AND BUILDOUT
Asking Discount: 0.00%
Mo. Free Rents: 0 Months
Buildout Status: Partial Build-Out
PROPERTY EXPENSES
Taxes: $1.49/SF (2019)
LEASE
SF Leased: 1,152 SF
Sign Date: Nov 2018
Space Use: Office
Lease Type: Direct
Floor: 1st Floor
Suite: C
LEASE TERM
Start Date: Dec 2018
Expiration Date: Dec 2019
Lease Term: 1 Year
TIME VACANT
Date Vacated: Nov 2008
Date Occupied: Dec 2018
Months Vacant: 121 Months
TIME ON MARKET
Date On Market: Nov 2008
Date Off Market: Nov 2018
Months on Market: 120 Months
LEASING REP
Dublin Center
2700 Sawbury Blvd
Columbus, OH 43235-1821
Carroll Blazina (614) 764-0197
PROPERTY
Rentable Area: 17,500 SF
Stories: 1
Floor Size: 17,500 SF
Vacancy at Lease: 0.0%
Property Type: Office
Status: Built 1985
Tenancy: Multi
Class: B
Construction: Masonry
Parking: 40 free Surface Spa…
MARKET AT LEASE
Vacancy Rates 2018 Q4 YOY
1.5%
0.2%
13.7%Current Building 0.0%
Submarket 1-3 Star
Market Overall 6.9%
7.2%
Same Store Asking Rent/SF 2018 Q4 YOY
1.3%
2.4%
Current Building -
Submarket 1-3 Star
Market Overall $19.04
$16.51
-
Submarket Leasing Activity 2018 Q4 YOY
6.5
81.8%12 Mo. Leased SF 589,410
Months On Market 18.3
8/1/2019Copyrighted report licensed to Donald R Kenney & Company - 512681.
Page 13
Lease Comps Details100 Dorchester Sq
4 1001 Eastwind Dr - Eastwind 1000Westerville, OH 43081 - Westerville Submarket
TENANT
Tenant Name: TK Lee & Associates
RENTS
Asking Rent: $12.00/NNN
Starting Rent: $12.00/NNN
Effective Rent: $12.00/NNN
CONCESSIONS AND BUILDOUT
Asking Discount: 0.00%
PROPERTY EXPENSES
Taxes: $0.43/SF (2019)
Operating Exp.: $1.12/SF (2013-Est)
LEASE
SF Leased: 1,300 SF
Sign Date: Oct 2018
Space Use: Office
Lease Type: Direct
Floor: 1st Floor
Suite: 403
LEASE TERM
Start Date: Nov 2018
Expiration Date: Nov 2019
Lease Term: 1 Year
TIME VACANT
Date Vacated: Oct 2018
Date Occupied: Nov 2018
Months Vacant: 1 Month
TIME ON MARKET
Date On Market: Jul 2018
Date Off Market: Oct 2018
Months on Market: 4 Months
LEASING REP
Keller Williams Realty
1510 W Lane Ave, Suite B
Upper Arlington, OH 43221
David J. Nauman (614) 451-8500
PROPERTY
Rentable Area: 10,000 SF
Stories: 2
Floor Size: 5,000 SF
Vacancy at Lease: 8.7%
Land Acres: 1.40
Property Type: Office
Status: Built 1985
Tenancy: Multi
Class: C
Construction: Masonry
Parking: 110 free Surface Sp…
MARKET AT LEASE
Vacancy Rates 2018 Q4 YOY
1.5%
0.2%
8.7%Current Building 8.7%
Submarket 1-3 Star
Market Overall 6.9%
7.2%
Same Store Asking Rent/SF 2018 Q4 YOY
1.3%
2.4%
Current Building $14.99
Submarket 1-3 Star
Market Overall $19.04
$16.51
-
Submarket Leasing Activity 2018 Q4 YOY
6.5
81.8%12 Mo. Leased SF 589,410
Months On Market 18.3
8/1/2019Copyrighted report licensed to Donald R Kenney & Company - 512681.
Page 14
Lease Comps Details100 Dorchester Sq
1 611 Park Meadow RdWesterville, OH 43081 - Westerville Submarket
RENTS
Asking Rent: $12.00/MG
Starting Rent: $12.00/MG
CONCESSIONS AND BUILDOUT
Asking Discount: 0.00%
Mo. Free Rents: 0 Months
PROPERTY EXPENSES
Taxes: $1.69/SF (2019)
LEASE
SF Leased: 1,152 SF
Sign Date: Sep 2018
Space Use: Office
Lease Type: Direct
Floor: 1st Floor
Suite: 611 M
LEASE TERM
Start Date: Nov 2018
Expiration Date: Oct 2019
Lease Term: 1 Year
TIME VACANT
Date Occupied: Nov 2018
TIME ON MARKET
Date On Market: Aug 2017
Date Off Market: Oct 2018
Months on Market: 13 Months
LEASING REP
Dublin Center
2700 Sawbury Blvd
Columbus, OH 43235-1821
Carroll Blazina (614) 764-0197
PROPERTY
Rentable Area: 14,885 SF
Stories: 1
Floor Size: 14,885 SF
Vacancy at Lease: 0.0%
Property Type: Office
Status: Built 1985
Tenancy: Multi
Class: B
Construction: Masonry
Parking: 80 free Surface Spa…
MARKET AT LEASE
Vacancy Rates 2018 Q3 YOY
2.8%
0.6%
7.7%Current Building 0.0%
Submarket 1-3 Star
Market Overall 6.8%
9.7%
Same Store Asking Rent/SF 2018 Q3 YOY
2.5%
3.7%
38.0%Current Building $12.00
Submarket 1-3 Star
Market Overall $19.17
$16.59
Submarket Leasing Activity 2018 Q3 YOY
4.9
225.0%12 Mo. Leased SF 678,924
Months On Market 21.4
8/1/2019Copyrighted report licensed to Donald R Kenney & Company - 512681.
Page 15
Peer Properties Summary100 Dorchester Sq
No. Peers
10Gross Direct Asking Rent
$12.70Availability Rate
37.7%Vacancy Rate
17.2%PEER LOCATIONS
PEER SUMMARY STATISTICS
Property Attributes Low Average Median High
Building SF 14,885 32,871 32,170 54,900
Year Built 1983 1986 1986 1989
Stories 1 1 1 2
Typical Floor SF 14,885 28,988 22,079 54,900
Vacancy Rate 6.9% 17.2% 39.5% 59.6%
Availability Rate 6.9% 37.7% 38.4% 64.3%
Star Rating 2.2
Available Space Attributes Low Average Median High
Space SF 1,200 12,403 9,768 35,286
Gross Direct Asking Rent Per SF $7.95 $12.70 $12.00 $16.87
Months On Market 3.0 56.9 35.3 151.9
Floor Number 1 1 1 2
8/5/2019Copyrighted report licensed to Donald R Kenney & Company - 512681.
Page 5
Peer Properties Summary100 Dorchester Sq
Property Name / Address Rating Yr Blt/Renov Bldg SF Stories SF Avail %
Property Size
Spcs
Availability
Vac % Gross Direct Rent
-100 Dorchester Sq
1984/- 10,248 2 0 0%0 0% $16.95
-1 749-757 Brooksedge Plz1986/- 22,822 1 13,604 59.6%1 59.6% $16.87
-2 701-719 Brooksedge Pla…1987/- 49,129 1 26,636 54.2%1 54.2% -
-3 Brooksedge Corporate C…1988/- 54,900 1 35,286 64.3%
259-291 W Schrock Rd4 0% $12.00
-4 WESTERVILLE OFFICE…1983/- 35,000 2 13,824 39.5%
635 Park Meadow Rd12 39.5% $12.00
-5 235-241 W Schrock Rd1988/- 41,356 1 5,948 14.4%1 0% $12.00
-6 Bldg T-81989/- 42,671 2 5,598 13.1%
185-195 W Schrock Rd1 0% $12.00
-7 611 Park Meadow Rd1985/- 14,885 1 2,400 16.1%2 8.1% $12.00
-8 659 Park Meadow Rd1984/- 17,500 1 1,200 6.9%1 6.9% $12.00
-9 771-781 Brooksedge Plz1985/- 21,110 1 7,877 37.3%
771-781 Brooksedge Plaz…1 0% $9.50
-10 774 Park Meadow Rd1986/- 29,340 1 11,660 39.7%1 0% $7.95
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Vacancy 54.2%
49,129 SF / 1 Story
Owner: NRI Brooksedge LLC
Rent/SF -,
701-719 Brooksedge Plaza Dr2
Vacancy 59.6%
22,822 SF / 1 Story
Owner: Partners at Brooksedge
Rent/SF $16.87,
749-757 Brooksedge Plz1
Vacancy 0%
10,248 SF / 2 Stories
Owner: ADR & Associates Limited
Rent/SF $16.95,
Subject Property
100 Dorchester Sq
Vacancy 0%
41,356 SF / 1 Story
Owner: Partners at Brooksedge
Rent/SF $12.00,
235-241 W Schrock Rd5
Vacancy 39.5%
635 Park Meadow Rd35,000 SF / 2 Stories
Owner: MJ Engineering & Consulting
Rent/SF $12.00,
WESTERVILLE OFFICE CE…4
Vacancy 0%
259-291 W Schrock Rd54,900 SF / 1 Story
Owner: Continental Properties; Cush…
Rent/SF $12.00,
Brooksedge Corporate Center3
Vacancy 6.9%
17,500 SF / 1 Story
Owner: -
Rent/SF $12.00,
659 Park Meadow Rd8
Vacancy 8.1%
14,885 SF / 1 Story
Owner: -
Rent/SF $12.00,
611 Park Meadow Rd7
Vacancy 0%
185-195 W Schrock Rd42,671 SF / 2 Stories
Owner: Continental Properties; Cush…
Rent/SF $12.00,
Bldg T-86
Peer Property Photos100 Dorchester Sq
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Peer Property Photos100 Dorchester Sq
Vacancy 0%
29,340 SF / 1 Story
Owner: NRI Brooksedge LLC
Rent/SF $7.95,
774 Park Meadow Rd10
Vacancy 0%
771-781 Brooksedge Plaza Dr21,110 SF / 1 Story
Owner: 757 Brooksedge Plaza Drive,…
Rent/SF $9.50,
771-781 Brooksedge Plz9
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Property Name / Address Rating Gross Direct Rent Per SF Vacancy Rate
100 Dorchester Sq$16.95 0%
749-757 Brooksedge Plz1 $16.87 59.6%
WESTERVILLE OFFIC…
635 Park Meadow Rd4 $12.00 39.5%
611 Park Meadow Rd7 $12.00 8.1%
659 Park Meadow Rd8 $12.00 6.9%
Bldg T-8
185-195 W Schrock Rd6 $12.00 0%
235-241 W Schrock Rd5 $12.00 0%
Brooksedge Corporat…
259-291 W Schrock Rd3 $12.00 0%
771-781 Brooksedge Plz
771-781 Brooksedge Plaz…9 $9.50 0%
774 Park Meadow Rd10 $7.95 0%
701-719 Brooksedge P…
Average
(Arrows indicate trend over last quarter)
Withheld2 54.2%
16.7%$12.81
Peer Property Comparison100 Dorchester Sq
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Peer Property Comparison100 Dorchester Sq
Property Name / Address Rating Availability Rate Vacancy Rate
Brooksedge Corporat…
259-291 W Schrock Rd3 64.3% 0%
749-757 Brooksedge Plz1 59.6% 59.6%
701-719 Brooksedge P…2 54.2% 54.2%
774 Park Meadow Rd10 39.7% 0%
WESTERVILLE OFFIC…
635 Park Meadow Rd4 39.5% 39.5%
771-781 Brooksedge Plz
771-781 Brooksedge Plaz…9 37.3% 0%
611 Park Meadow Rd7 16.1% 8.1%
235-241 W Schrock Rd5 14.4% 0%
Bldg T-8
185-195 W Schrock Rd6 13.1% 0%
659 Park Meadow Rd8 6.9% 6.9%
100 Dorchester Sq
Average
(Arrows indicate trend over last quarter)
0% 0%
16.7%36.6%
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Peer Property Comparison100 Dorchester Sq
Property Name / Address Rating Gross Direct Rent Per SF Median Months on Market
100 Dorchester Sq$16.95
749-757 Brooksedge Plz1 $16.87 36
235-241 W Schrock Rd5 $12.00 119
Bldg T-8
185-195 W Schrock Rd6 $12.00 50
659 Park Meadow Rd8 $12.00 34
WESTERVILLE OFFIC…
635 Park Meadow Rd4 $12.00 22
Brooksedge Corporat…
259-291 W Schrock Rd3 $12.00 14
611 Park Meadow Rd7 $12.00 5
771-781 Brooksedge Plz
771-781 Brooksedge Plaz…9 $9.50 152
774 Park Meadow Rd10 $7.95 3
701-719 Brooksedge P…
Average
(Arrows indicate trend over last quarter)
Withheld2 133
34$12.81
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Peer Property Comparison100 Dorchester Sq
Property Name / Address Rating 12 Mo. Leasing Activity in SF 12 Mo. Net Absorption in SF
611 Park Meadow Rd7 3,552 (48)
100 Dorchester Sq2,562 2,562
WESTERVILLE OFFIC…
635 Park Meadow Rd4 2,304 (7,824)
749-757 Brooksedge Plz1 0 9,218
659 Park Meadow Rd8 0 1,200
Bldg T-8
185-195 W Schrock Rd6 0 0
235-241 W Schrock Rd5 0 0
Brooksedge Corporat…
259-291 W Schrock Rd3 0 0
771-781 Brooksedge Plz
771-781 Brooksedge Plaz…9 0 0
774 Park Meadow Rd10 0 0
701-719 Brooksedge P…
Average
2 0 (15,031)
(902)765
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Peer Property Details100 Dorchester Sq
1 749-757 Brooksedge PlzDistance to Subject Property: 0.7 Miles
EXPENSES
Taxes: $1.78/SF (2013)
PROPERTY
Type: Class B Office
Yr Blt/Renov: 1986
RBA: 22,822 SF
Stories: 1
Typical Floor: 22,822 SF
Parking Spaces: 64: 5.00/1,000 SF
OWNER
Partners at Brooksedge
COMPARISON SUBJECTTHIS PROPERTY
Vacancy %: 59.6% 0%
Available SF: 13,604 -
Gross Ask Rent: $16.87 $16.95
Months To Lease: - 12 mo
Time On Market: 36 mo -
Walk Score®: 39 57
Transit Score®: 33 17
AVAILABILITY OFFICE
Spaces: 1
Square Feet: 13,604
Range: 3,000 - 13,604
Max Contig: 13,604
% Sublet: 0 %
Asking Rent: $17.00/MG
2 259-291 W Schrock RdDistance to Subject Property: 0.7 Miles
EXPENSES
Taxes: $2.48/SF (2019)
Op. Exp: $5.81/SF (2017)
PROPERTY
Type: Class B Office
Yr Blt/Renov: 1988
RBA: 54,900 SF
Stories: 1
Typical Floor: 54,900 SF
Parking Spaces: 7.00/1,000 SF
# of Tenants: 11
OWNER
Continental Properties
Cushman & Wakefield
COMPARISON SUBJECTTHIS PROPERTY
Vacancy %: 0% 0%
Available SF: 35,286 -
Gross Ask Rent: $12.00 $16.95
Months To Lease: - 12 mo
Time On Market: 14 mo -
Walk Score®: 52 57
Transit Score®: 34 17
AVAILABILITY OFFICE
Spaces: 4
Square Feet: 35,286
Range: 3,420 - 18,000
Max Contig: 18,000
% Sublet: 0 %
Asking Rent: $12.00/N
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Peer Property Details100 Dorchester Sq
3 635 Park Meadow RdDistance to Subject Property: 0.9 Miles
EXPENSES
Taxes: $0.06/SF (2019)
PROPERTY
Type: Class B Office
Yr Blt/Renov: 1983
RBA: 35,000 SF
Stories: 2
Typical Floor: 17,500 SF
Parking Spaces: 48: 1.37/1,000 SF
# of Tenants: 17
COMPARISON SUBJECTTHIS PROPERTY
Vacancy %: 39.5% 0%
Available SF: 13,824 -
Gross Ask Rent: $12.00 $16.95
Months To Lease: 14 mo 12 mo
Time On Market: 22 mo -
Walk Score®: 43 57
Transit Score®: 35 17
AVAILABILITY OFFICE
Spaces: 12
Square Feet: 13,824
Range: 1,152
Max Contig: 4,608
% Sublet: 0 %
Asking Rent: $12.95/MG
4 235-241 W Schrock RdDistance to Subject Property: 0.6 Miles
EXPENSES
Taxes: $2.55/SF (2013)
Op. Exp: $5.92/SF (2017)
PROPERTY
Type: Class B Office
Yr Blt/Renov: 1988
RBA: 41,356 SF
Stories: 1
Typical Floor: 41,356 SF
Parking Spaces: 300: 7.00/1,000 SF
# of Tenants: 4
OWNER
Partners at Brooksedge
COMPARISON SUBJECTTHIS PROPERTY
Vacancy %: 0% 0%
Available SF: 5,948 -
Gross Ask Rent: $12.00 $16.95
Months To Lease: - 12 mo
Time On Market: 119 mo -
Walk Score®: 55 57
Transit Score®: 33 17
AVAILABILITY OFFICE
Spaces: 1
Square Feet: 5,948
Range: 5,948
Max Contig: 5,948
% Sublet: 0 %
Asking Rent: $12.00/N
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Peer Property Details100 Dorchester Sq
5 185-195 W Schrock RdDistance to Subject Property: 0.5 Miles
EXPENSES
Taxes: $2.12/SF (2013)
Op. Exp: $7.69/SF (2017)
PROPERTY
Type: Class B Office
Yr Blt/Renov: 1989
RBA: 42,671 SF
Stories: 2
Typical Floor: 21,300 SF
Parking Spaces: 120: 7.00/1,000 SF
# of Tenants: 6
OWNER
Continental Properties
Cushman & Wakefield
COMPARISON SUBJECTTHIS PROPERTY
Vacancy %: 0% 0%
Available SF: 5,598 -
Gross Ask Rent: $12.00 $16.95
Months To Lease: - 12 mo
Time On Market: 50 mo -
Walk Score®: 60 57
Transit Score®: 31 17
AVAILABILITY OFFICE
Spaces: 1
Square Feet: 5,598
Range: 5,598
Max Contig: 5,598
% Sublet: 0 %
Asking Rent: $12.00/N
6 611 Park Meadow RdDistance to Subject Property: 0.8 Miles
EXPENSES
Taxes: $1.69/SF (2019)
PROPERTY
Type: Class B Office
Yr Blt/Renov: 1985
RBA: 14,885 SF
Stories: 1
Typical Floor: 14,885 SF
Parking Spaces: 80: 4.57/1,000 SF
# of Tenants: 10
COMPARISON SUBJECTTHIS PROPERTY
Vacancy %: 8.1% 0%
Available SF: 2,400 -
Gross Ask Rent: $12.00 $16.95
Months To Lease: 7 mo 12 mo
Time On Market: 5 mo -
Walk Score®: 46 57
Transit Score®: 35 17
AVAILABILITY OFFICE
Spaces: 2
Square Feet: 2,400
Range: 1,200
Max Contig: 1,200
% Sublet: 0 %
Asking Rent: $12.95/MG
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Peer Property Details100 Dorchester Sq
7 659 Park Meadow RdDistance to Subject Property: 0.8 Miles
EXPENSES
Taxes: $1.22/SF (2019)
PROPERTY
Type: Class B Office
Yr Blt/Renov: 1984
RBA: 17,500 SF
Stories: 1
Typical Floor: 17,500 SF
Parking Spaces: 40: 2.29/1,000 SF
# of Tenants: 9
COMPARISON SUBJECTTHIS PROPERTY
Vacancy %: 6.9% 0%
Available SF: 1,200 -
Gross Ask Rent: $12.00 $16.95
Months To Lease: 39 mo 12 mo
Time On Market: 34 mo -
Walk Score®: 43 57
Transit Score®: 35 17
AVAILABILITY OFFICE
Spaces: 1
Square Feet: 1,200
Range: 1,200
Max Contig: 1,200
% Sublet: 0 %
Asking Rent: $12.95/MG
8 701-719 Brooksedge Plaza DrDistance to Subject Property: 0.6 Miles
EXPENSES
Taxes: $1.81/SF (2013)
Op. Exp: $4.41/SF (2017)
PROPERTY
Type: Class B Office
Yr Blt/Renov: 1987
RBA: 49,129 SF
Stories: 1
Typical Floor: 49,129 SF
Parking Spaces: 7.00/1,000 SF
# of Tenants: 3
COMPARISON SUBJECTTHIS PROPERTY
Vacancy %: 54.2% 0%
Available SF: 26,636 -
Gross Ask Rent: - $16.95
Months To Lease: - 12 mo
Time On Market: 133 mo -
Walk Score®: 46 57
Transit Score®: 32 17
AVAILABILITY OFFICE
Spaces: 1
Square Feet: 26,636
Range: 26,636
Max Contig: 26,636
% Sublet: 0 %
Asking Rent: $9.50/N
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Peer Property Details100 Dorchester Sq
9 771-781 Brooksedge Plaza DrDistance to Subject Property: 0.7 Miles
EXPENSES
Total Expenses: $4.78/SF (2017)
PROPERTY
Type: Class B Office
Yr Blt/Renov: 1985
RBA: 21,110 SF
Stories: 1
Typical Floor: 21,110 SF
Parking Spaces: 80: 5.00/1,000 SF
# of Tenants: 4
OWNER
Purchased 9/30/2005
Price $1,600,000; $76/SF
COMPARISON SUBJECTTHIS PROPERTY
Vacancy %: 0% 0%
Available SF: 7,877 -
Gross Ask Rent: $9.50 $16.95
Months To Lease: - 12 mo
Time On Market: 152 mo -
Walk Score®: 40 57
Transit Score®: 29 17
AVAILABILITY OFFICE
Spaces: 1
Square Feet: 7,877
Range: 7,877
Max Contig: 7,877
% Sublet: 0 %
Asking Rent: $9.50/N
10 774 Park Meadow RdDistance to Subject Property: 0.7 Miles
EXPENSES
Taxes: $1.89/SF (2019)
Op. Exp: $4.29/SF (2016)
PROPERTY
Type: Class B Office
Yr Blt/Renov: 1986
RBA: 29,340 SF
Stories: 1
Typical Floor: 29,340 SF
Parking Spaces: 150: 9.00/1,000 SF
# of Tenants: 3
COMPARISON SUBJECTTHIS PROPERTY
Vacancy %: 0% 0%
Available SF: 11,660 -
Gross Ask Rent: $7.95 $16.95
Months To Lease: 64 mo 12 mo
Time On Market: 3 mo -
Walk Score®: 37 57
Transit Score®: 34 17
AVAILABILITY OFFICE
Spaces: 1
Square Feet: 11,660
Range: 11,660
Max Contig: 11,660
% Sublet: 39.7 %
Asking Rent: $12.50/MG
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Westerville Submarket SummaryWesterville Office
Fundamentals are stabilizing in Westerville, and demandfor office space has been strong enough for the metro torecover from an influx of supply earlier in the cycle.Vacancies still hover close to the historical average, andrents have grown over the course of the cycle.
Uncertainty could be behind the sporadic sales volume,which has varied widely year to year, but with Facebookbringing a new data center to the submarket, demand forspace and properties could spike.
NET ABSORPTION, NET DELIVERIES & VACANCY
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RentWesterville Office
Rents here are similar to most submarkets in the metro,with rates close to $18.60/SF, a year over year growthof 2.4%. This represents a growth rate of close to 16%,which is about average when compared to most of themetro's submarkets.
Rent growth has been strong for much of the cycle, withowners seeing annual gains since 2012. The highestrents are in offices near New Albany and Westerville.
MARKET RENT GROWTH (YOY)
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RentWesterville Office
MARKET RENT PER SQUARE FOOT
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Columbus Market SummaryColumbus Office
Government, finance, and logistics entities continueexpanding their footprints, further strengtheningfundamentals in one of the country’s healthiest markets.The market’s employment gains are keeping vacanciestight, and years of conservative construction have all buteliminated the risk of oversaturation.
Heavy construction began again in 2016, and developersappear comfortable testing demand. More supply hasbeen added in the past two years than in the previous10, largely in build-to-suit projects for majorcorporations like Big Lots, and spec supply is also
returning. Multiple projects are underway, and the newsupply is quickly leased. While functionality remains kingoutside of city limits, developers are getting creative inthe heart of Downtown. New projects like 80 on theCommons and Gravity feature eye-catching designs andreflect the city’s growing economic stature.
The tight vacancies fostered years of healthy rent gains,and Columbus is easily Ohio’s strongest-performingoffice market. This has spurred heavy sales volume, butinvestors still prefer acquiring local logistics or multifamilyproperties.
NET ABSORPTION, NET DELIVERIES & VACANCY
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RentColumbus Office
Space currently fills for $19.70/SF, representing a yearover year change of 2.6%%. While not explosive, yearover year growth is higher than the market average.Cyclical gains are close to 25%, comparing favorably toneighboring Detroit, Cleveland, Indianapolis, andCincinnati.
Planners and developers spent the majority of the cyclerevitalizing the downtown district, bringing thousands ofnew multifamily units online to foster a live/work/playenvironment. Their efforts are boosting office demand,and rates in Downtown and Downtown East haveclimbed by over 30% since 2010, the metro’s strongestgains. Further showcasing the strength of the metro’s
economy: over half of Columbus’s 21 submarkets haveseen office rates climb by more than 20%, in contrast,none of Cleveland or Cincinnati’s submarkets saw gainsthis strong.
Heavy government presence and a strong economymean that rents are significantly less volatile than otherOhio metros. Spec space could slow returns, so could arecession. The base case forecast calls for rents tostagnate in the future, but the market’s economy isdiverse. The highest levels of job growth in the last fourquarters have been in the eds/meds sector, which couldkeep rents from declining.
MARKET RENT GROWTH (YOY)
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Columbus Economic SummaryColumbus Office
High levels of government employment provide thesturdy economic foundation Columbus rests upon. Butthe metro is also home to five Fortune 500 companiesand dozens of major regional employers. Job growthroutinely eclipses the national average, and around53,000 new jobs have been created since 2016. Thattype of growth attracts attention across Ohio, bringing inresidents from across the state. Columbus’sdemographic gains are forecasted to remain strongerthan those of other Midwest markets, and a substantialchunk of new Columbus residents are young andeducated.
Of the population aged 25 years or older, 33% have abachelor’s degree or higher in Columbus compared with25% in Ohio. Recent enrollment numbers peg the total ofOhio State University students at 66,000, with 58,000 of
them at the Columbus campus alone. The increasinglyeducated workforce has encouraged outside companiesto relocate and existing companies to hire locally,drawing in more outside residents to the area, creating apositive feedback loop for commercial real estateowners.
The diverse economy provides the market withcomfortable insulation, smoothing out the downturns thatcan disrupt other Midwestern markets. The metro’slimited exposure to manufacturing shields it from majorjob losses and helped keep unemployment fromexploding in the past. Crucially, the fastest-growingnational sectors—education and health services,professional and business services, and leisure andhospitality—are heavily concentrated here, making upnearly half of employment.
COLUMBUS EMPLOYMENT BY INDUSTRY IN THOUSANDS
NAICS Industry Jobs LQ MarketUS USMarketUSMarket
Current Jobs Current Growth 10 Yr Historical 5 Yr Forecast
-0.01%0.61%0.87%1.05%1.37%2.14%0.875Manufacturing
0.48%0.43%1.16%1.25%0.88%-1.20%1.0206Trade, Transportation and Utilities
0.38%-0.18%0.85%0.04%-0.14%-3.64%0.999 Retail Trade
0.35%0.13%1.01%2.28%0.98%0.99%1.488Financial Activities
0.76%1.09%-0.01%0.64%0.44%0.38%1.0175Government
0.24%0.05%2.13%3.88%3.09%8.93%0.745Natural Resources, Mining and Construction
0.55%0.85%2.12%3.66%2.24%4.46%1.0172Education and Health Services
0.98%1.03%2.63%2.37%2.25%1.19%1.2185Professional and Business Services
0.56%0.25%0.02%0.15%-0.87%-0.73%0.817Information
0.61%0.54%2.50%2.26%2.50%0.74%0.9110Leisure and Hospitality
0.29%0.22%0.99%1.65%1.30%3.45%1.044Other Services
Total Employment 1,118 1.0 1.45% 1.55% 1.93% 1.44% 0.67% 0.55%
Source: Oxford Economics
LQ = Location Quotient
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Columbus Economic SummaryColumbus Office
Source: Oxford Economics
YEAR OVER YEAR JOB GROWTH
DEMOGRAPHIC TRENDS
Current ChangeCurrent Level
Metro U.S.Metro U.S.Demographic Category
10-Year Change
Metro U.S. Metro U.S.
Forecast Change (5 Yrs)
Population 329,175,4692,126,826 1.1% 0.6% 1.2% 0.7% 1.1% 0.7%
Households 121,224,906803,747 1.0% 0.5% 1.0% 0.6% 1.0% 0.6%
Median Household Income $63,668$67,051 3.1% 3.3% 2.5% 2.2% 4.2% 4.4%
Labor Force 163,369,5161,094,189 1.0% 0.9% 0.9% 0.6% 0.7% 0.6%
Unemployment 3.6%3.6% -0.3% -0.3% -0.5% -0.6% - -
Source: Oxford Economics
POPULATION GROWTH
Source: Oxford Economics
LABOR FORCE GROWTH INCOME GROWTH
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SubmarketsColumbus Office
SUBMARKET RENT
Growth
Market Rent
Per SFSubmarketNo.
12 Month Market Rent QTD Annualized Market Rent
RankRank GrowthRank
1 Bethel Rd 3.7%15 2.8% 4$17.32 12
2 Downtown 8.1%2 2.5% 9$21.43 3
3 Downtown East 3.4%11 2.2% 17$18.24 14
4 Dublin 6.4%3 2.8% 6$20.61 5
5 East 3.9%14 2.2% 16$17.73 11
6 Fairfield County 1.8%19 2.1% 20$16.62 18
7 Grandview/Upper Arlington 7.2%5 2.9% 3$19.86 4
8 Hilliard 6.3%6 2.6% 7$19.46 7
9 Licking County 4.6%13 2.4% 10$17.91 9
10 Madison County 0.7%21 2.2% 19$15.17 20
11 Morrow County 0.7%20 2.2% 18$15.96 21
12 North Central 6.1%4 2.8% 5$20.41 8
13 Outlying Delaware County 3.0%12 2.5% 8$18.09 17
14 Pickaway County 1.2%18 2.0% 21$16.77 19
15 Polaris 11.0%1 3.5% 1$21.77 1
16 Southeast 3.6%17 2.4% 12$16.88 13
17 Southwest 3.3%7 2.3% 14$18.79 15
18 Union County 10.1%8 3.5% 2$18.63 2
19 West 3.1%10 2.3% 15$18.49 16
20 Westerville 6.3%9 2.4% 13$18.58 6
21 Worthington 4.4%16 2.4% 11$17.21 10
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The name “Donald R. Kenney and Company” has become synonymous with quality and integrity in the
real estate industry in Central Ohio. The company has achieved remarkable growth and success since
its inception. By focusing on professionalism, trustworthiness and reliability, this company has set the
standard by which real estate companies in Central Ohio are now measured.
We are as a full service commercial real estate brokerage, established in 1969. With over 40 years
experience, extensive local and regional market knowledge, we are consistently rated among the top
five commercial brokerages in Columbus. We are your single source solution for all aspects of real
estate. We are experts in all asset types including Multi-family, Land, Office, Retail, and Industrial. We
provide exceptional service in Seller/Landlord Representation, Investor Representation and Buyer/
Tenant Representation.
From its inception DRK has achieved exceptional success by following four simple principals:
There is no substitute for outstanding service to customers
Performance must be delivered
Quality can not be sacrificed
All parties must be treated with honesty and respect
DRK has formed many valuable and important relationships over the years with lenders, city officials,
contractors, tenants, neighbors and all others involved in the real estate business have come to rely on
DRK to honor its commitments and deliver products which will be a credit to its clients and the
community. We are committed to continuing our history of success. In today’s difficult and complex real
estate environment, we recognize that hard work, creativity, attention to detail, and knowledge of the
market are all critical elements to any successful transaction. When you work with DRK you work with
knowledgeable professionals who understand these concepts, and put them to work for you.
Executive Real Estate Team Commercial Sales and Leasing Associate
www.drk-realty.com
ANDY DIBLASI
VP of Investment TRE' GILLER
CEO
DONALD R KENNEY
Founder
JAIMINE JOHNSON
Director, Commercial
Operations, Leasing and Sales
AMIE LENHART
Sales and Leasing Associate
AMIE LENHART, As a leasing and sales associate with Donald
R. Kenney and Company Realty, Amie has two decades of
experience in the corporate business and real estate markets.
Prior to joining DRK, Amie worked in a variety of real estate and
human resource positions, including: marketing coordinator for
Colliers International; client services specialist with CBRE; human
resource generalist for Plane Detail; and realtor with Coldwell
Banker King Thompson.
During her career, she has consistently excelled in team branding,
property marketing, developing client relationships, and
coordinating corporate real estate transactions.
Amie earned her associate’s degree in real estate from Columbus
State Community College before getting a bachelor’s degree in
business administration from Mount Vernon Nazarene University.
She maintains a busy volunteer schedule, serving with Ronald
McDonald House Charities, Meals on Wheels, Susan G. Komen
Race for the Cure, Muscular Dystrophy Association, and Best
Buddies International.
www.drk-realty.com
PUTTING YOUR REAL ESTATE NEEDS TOGETHER ONE PIECE AT A TIME
AMIE LEHART
Leasing and Sales Associate
Donald R. Kenney & Company Realty
470 Olde Worthington Rd., Suite 101 | Westerville, OH 43082
Office: (614) 918-6301 Cell: (614) 893-3513 | Fax: (614) 540-2426
Email: alenhart@drk-realty.com
EDUCATION & QUALIFICATIONS
Bachelor of Science in Business Administration, Mount Vernon Nazarene University Associates
Degree in Real Estate, Columbus State Community College
Licensed Real Estate Salesperson: OH
PROFESSIONAL ACCOMPLISHMENTS &
AFFILIATIONS
Member, Ohio Association of Realtors
Member, Columbus Board of Realtors
COMMUNITY INVOLVEMENT
Volunteer for Meals on Wheels
Fund raiser for Best Buddies
Fund raiser for the MDA
Volunteer for Nationwide Duck Race
Volunteer and Fund raiser, The Ronald McDonald House, Columbus
JAIMINE JOHNSON, As Director of Commercial Real Estate
Assets for DRK, Jaimine Johnson develops and implements long-
term strategies for the commercial asset division in the investment
management of office, industrial/flex, medical, retail properties. She
has a proven record of success in developing strategies that drive
revenue and increase overall business profitability.
Jaimine, who previously worked at DRK from 2007 to 2015, brings
a wealth of real estate experience to the company. She has
overseen transactions involving the asset management, sales,
leasing and marketing of commercial properties, while executing
initiatives to promote and support company growth, global
planning, new business start-ups and company branding. In her
time at DRK, Jaimine consistently maintained a 96% tenant
occupancy rate, while increasing outside listings by 83%.
Jaimine’s recent real estate expertise in Columbus includes
working as first vice president of Colliers Healthcare Real Estate
Group. There, she directed the real estate strategy and operations
in providing consultative services for healthcare systems and
service providers both in Ohio and a national platform. She also
served as senior vice president of commercial real estate at
Huntington National Bank, where she developed strategies to
enhance the real estate portfolio comprised of $10 billion in office,
retail, land out parcel properties.
She was a 2013-2014 selection for the “Top 20 to Know in Real
Estate” and “Top 20 Women in Business” by Columbus Business
First, and was a Costar Power Broker in 2014.
www.drk-realty.com
PUTTING YOUR REAL ESTATE NEEDS TOGETHER ONE PIECE AT A TIME
JAIMINE JOHNSON
Director, Commercial Operations, Leasing and Sales
Donald R. Kenney & Company Realty
470 Olde Worthington Rd., Suite 101 | Westerville, OH 43082
Office: (614) 540-2404 Cell: (614) 374-5412 | Fax: (614) 540-2426
Email: jjohnson@drk-realty.com
EDUCATION & QUALIFICATIONS
Licensed Real Estate Salesperson: OH
Expert Academy certificate in life coach 2016
Expert Academy certificate in business coach 2015 -2016
PROFESSIONAL ACCOMPLISHMENTS &
AFFILIATIONS
Member, Ohio Association of Realtors
Member, Columbus Board of Realtors
Served as Chair – NAIP Treasurer 2017-2018
NAIOP board 2015-2019
President of Lakeview Owner’s Association
President of Crosswoods Owners Association
President of Golf Village Owners Association
President of Taylor Station Owners Association
Member of BOMA
Member of CCIIR
Advisory Board member 2018-present
Healthcare Fellos 2017-2018
Top women, Business First 2018
COMMUNITY INVOLVEMENT
Nationwide Children’s Hospital
Community for New Direction
Pink Ribbon Girls
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