Sunday, December 13/09
Northeast Business Campus up for auction as lender tries to force issue
The six-building Northeast Business Campus will be sold at a receivers auction Dec. 16 in an effort by lender Bank of America to force prospective buyers to make a deal or get out of the way.
United Country/Ohio Realty & Auction Group, an affiliate of receiver Gryphon Asset Management LLC, will auction the property at 3592-3711 Corporate Drive off Westerville Road.
Gryphon President Rich Kruse said the 205,342-square-foot office complex has received seven offers since mid-October, most of them close to marketer Alterra Real Estate Advisor LLCs discounted $7.2 million asking price.
We have a number of interested parties that have different contingencies in their offers, he said.
We are at the point where Bank of America desires to transfer the property or take title to the property.
Terms of the receivers auction call for the highest bidder to pay a $700,000 deposit.
Bidders also must have the capacity to close within 30 days of a required Franklin County Common Pleas Court approval of the sale.
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