One Mill Run 9-Story Office Complex Gets Capital Infusion in Hilliard, Ohio
The property is located in Hilliard, a western Columbus, Ohio, suburb and benefitting from excellent visibility to Interstate 270. The key metro area and submarket trends, construction outlook, and the performance of competing properties indicates a positive impact on the property's performance in the near-term, company officials said.
The owner, IMC Real Estate Management, is headed by Canadian investor Tom Marmaros. He has been a long-term investor in prominent Columbus office buildings. According to company officials, the total Hunt Mortgage Group investment is $17 million. The property was constructed in 1989 and is 95% leased. The site area is 9.74 acres or 424,274 square feet.
"Since purchasing One Mill Run in August 2014, the owner has reinvested approximately $2.5 million in the property by implementing capital and tenant improvements," noted Gregory Cazel, Managing Director at Hunt Mortgage Group. "A significant number of leases have been executed or renewed within the past two years and minimal rollover is expected in the near term."
"One Mill Run is considered to be a top asset in the submarket and all eight tenants are signed to net lease terms with the majority of the tenants leases extend through 2022 or beyond," added Cazel. "We were pleased to provide this financing for a quality commercial real estate investor."
Over the past two years, the property owner implemented a number of capital improvements, including: resurfacing of the main parking lot; upgrades to the ADA Ramps, LEED, security cameras, and HVAC system; replacement of pavers at the west entrance; common area carpeting replaced; and nearly every tenant space has been renovated through a tenant improvement allowance.
The transaction was originated by MSF Real Estate Capital, Inc., a Columbus, Ohio mortgage banking firm. MSF represented the borrower and Scott Moore, Senior Vice President, spearheaded the placement of the transaction with Hunt.
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