Press Release – 90 North Delivers on Abbott Nutrition Business Plan
90 North Real Estate Partners LLC (“90 North”) is delighted to report the sale of Abbott Nutrition Headquarters in Columbus, Ohio, in a transaction worth $65,700,000.
Working with its investment partner Kamco Investment Company (“Kamco Invest”), the sale, concluded during considerable capital market volatility, delivered on the business plan underwritten for investors.
Daniel Cooper, Head of North America for 90 North commented: “Having purchased the property soon after its completion three years ago, it’s satisfying to witness the value appreciation of this asset, driven by an investment grade tenant strategy within a resilient business sector and a widening recognition of the location dynamics of Easton, a growing suburb of northeast Columbus.”
Mohammad Al-Othman Executive Director of Real Estate Investments at Kamco Invest, said, “The exit comes at challenging times and uncertain market conditions revolving around COVID-19 and its implications on local and international markets, hence strongly confirming our commitment to investors and the solid real estate investment strategy adopted.”
90 North remains an active acquirer of single tenant net lease office properties in the US, believing that the combination of long leases, typically with fixed annual rent increases, and attractive net cash yields offer attractive risk adjusted returns, particularly during times of uncertainty.