Mike Linder
Grubb & Ellis/Adena Realty Advisors
Andy Jameson
Grubb & Ellis/Adena Realty Advisors
Greg Weber
Grubb & Ellis/Adena Realty Advisors
In March of 2003, Michael Linder, Greg Weber and Andy Jameson were contracted to represent Lion & Lamb ("Lion") on the sale of approximately 80 acres at the southwest corner of Post Road and Eiterman Road in Dublin, Ohio. In addition, they were asked by Lion to represent them on the lease or sale of two office buildings situated in the middle of the 92 acres.
Originally the home to Pharmacia Upjohn, these two buildings, along with the 80 acres of development ground, were situated on two parcels totaling approximately 92 acres. Although the two parcels were zoned in the City of Dublin, the northern quarter of the property was in Union County while the remainder was in Franklin County.
In March of 2004, Michael, Greg and Andy were successful in structuring a Letter of Intent ("LOI") with a local developer to purchase the 80 acres of development ground. However, the buyer had no interest in empty office buildings and made the LOI contingent upon a lot split.
In June of 2004, Lion gave this property back to the Builders Bank (Bank) in Chicago, and the guys had to start over with a new ownership entity.
Soon thereafter, they found a buyer for the two vacant office buildings and the associated 12 acres that were not part of the 80 acres of development ground. In order to accomplish a lot split, the buyer needed road frontage on a publicly dedicated road as well as the two existing curb cuts and their associated paved entry ways as part of the 12 acres associated with the office buildings.
However, one of the curb cuts was to be used for the new road the developer was to build. Until this new road started construction, the office buyer agreed to physically maintain it even though they would not own it. Once construction started on the new road, the office buyer would be limited to one entry to the site from the other curb cut.
Obviously, this required a great deal of cooperation between the seller and both buyers.
After the proposed roads were completed and dedicated, the land associated with the original road frontage requirement for the lot split would be deeded to the land development buyer from the office buyer. Utility and ingress and egress easements were put in place for the construction phase of the project to insure uninterrupted access and utilities to the office buildings.
The lot split needed approval not only by the City of Dublin, but also required approval from Union County and Franklin County. In addition, the development land buyer required a Tax Incremental Financing package (TIF) from the City of Dublin.
In January 2005, the office buyer closed on their purchase with all easements in place assuming the land developer was to purchase their ground. If the land development buyer did not purchase this ground, the Seller had the right to transfer the easements to another potential buyer which it did in March 2005, to the City of Dublin. Subsequently, the City of Dublin closed on March 17, 2005. This development land will now be part of the new High-Tech Office Park the City of Dublin has planned for this area.
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