Spectrum Commerce Center

Background:

• Two buildings with 21 tenant suites
• Most suites have a combination of docks or drive-in doors
• Directly off I-270 in Westerville, OH
• Significant parking at 3.8 stalls / 1,000 SF
• Proximate to significant growth areas of Columbus, including: New Albany, Intel’s Ohio
• One fab, and Anduril’s Arsenal-1

Opportunities:

• Rolling tenants to fully NNN leases provides a ~15% uplift in top-line revenue
• Additional upside with certain leases that are $2 to $4/SF below current market rate
• Opportunity to demo certain office heavy suites to create more warehouse at higher rents
• Yield On Cost of ~ 11% by year 5