PNL Office Portfolio

Seller Representation Case Study

8101 N High Street, Columbus, OH 43235 | 825 Tech Center Drive, Columbus, OH 43230

The Sale

Under PNL Ohio’s ownership and NAI’s leasing and management, the two properties underwent capital improvements and gained new tenants, bringing the assets to an average occupancy of 95%. Now that the properties were stabilized, PNL was interested in selling them as a portfolio. Instead of dealing with multiple buyers requiring different terms, conditions, and timelines, selling as a portfolio would allow PNL to work directly with a single buyer throughout the sale process for both properties. Selling as a portfolio also raises the price point, which attracts a more institutional-type buyer with stronger credit and closing potential.

However, unlike most portfolios, these two properties were very different - different submarkets, different ages, and different tenant mixes. NAI’s challenge was to make potential buyers comfortable with two diverse investments.  

To assist with marketing this portfolio, NAI utilized an online global investment platform. This tool enabled fast and secure communication with an expansive network of qualified investors, maximizing exposure while streamlining the marketing process. By using this program in tandem with their internal marketing strategies, NAI obtained multiple offers during a compact six-week marketing period.

In the initial round of offers, one of the most qualified buyers only submitted an offer on one of the properties. The potential buyer was a national privately held investment fund, with a large real estate portfolio and strong track record of timely closings. But this would be their first office building in Columbus, so they were more comfortable buying just one property.

Before the call for best and final offers, NAI worked to educate the buyer on the potential of these properties, the overall strength of the Columbus market, and the economies of scale gained by buying as a portfolio. The buyer was swayed and submitted an offer on the entire portfolio, which was accepted. The sale was finalized in September 2018.