1111 McKinley Ave
The Opportunity: Located in the Franklinton urban infill Opportunity Zone adjacent to Columbus’ downtown and Grandview economic centers, this 4.9 acre redevelopment site was acquired off-market in 2018. With an 81-year history at this location, the Seller/owner expressed a desire for a sale-leaseback for a 5-year term. This provides an excellent Cash-on-Cash yield while the surrounding area gentrifies, and optimal redevelopment plans are determined.
The Results: The site remains primed for redevelopment into a tech-oriented flex warehouse complex upon expiration of the lease. In the interim, however, a variety of preemptive suitors have expressed interest in acquiring the site at a meaningful premium on an as-is basis.