Columbia Investments Pays $135M for Ohio Mixed-Use
- Nov 18, 2019
Columbia Investments has acquired Austin Landing, a mixed-use property in Miamisburg, a suburb of Dayton, Ohio, according to Springfield News-Sun. The $134.5 million purchase was funded via two loans—placed with Citibank and Kawa—as well as owner equity. Kawa provided $26 million in financing, having shown interest in the asset due to its location and tenant roster.
Located at 3601 Rigby Road, Austin Landing encompasses 834,630 square feet of office and retail space, as well as an 8-acre community park, which hosts a number of events annually. Two hotels and a luxury apartment building complement the four office buildings, transforming Austin Landing in a true live-work-play community. The property was developed in phases between 2009 and 2018 and was 95 percent occupied at the time of sale.
The office component totals more than 400,000 square feet along Innovation Drive and Rigby Road, according to Yardi Matrix data. The buildings host a number of tenants including Wells Fargo, UBS, Merrill Lynch, Raymond James and Baird.
The retail and entertainment portion of Austin Landing is anchored by Kroger and Kohls stores and features 16 restaurants, a movie theater and several shopping venues, making it an attractive long-term investment. According to a recent CBRE study on restaurant sales growth, mixed-use or retail properties with a strong restaurant offering are in high demand, as the food industry is set to change the retail environment.