Negotiations are under way with a prospective buyer for the private portions of Gahanna's Creekside.
Negotiations are under way with a prospective buyer for the private portions of Gahanna’s Creekside.
Contract negotiations are proceeding with an unnamed purchaser, Mark Froehlich, director of asset restructuring for NAI Ohio Equities, told ThisWeek on Oct. 19.
“I’m feeling very positive,” he said. “We marketed the property nationwide. I was glad to see many responses. There were nine serious offers and we’ve had conversations with quite a few. We selected the most appropriate offer.”
The three buildings that are the privately owned portions of Creekside were put up for bid at the end of June by the receiver and the bank that now owns it.
While in negotiations, Froehlich said Ohio Equities has been working well with Gahanna and the Creekside tenants. The development was completed through a public-private partnership.
“It has been a great undertaking,” he said. “My main goal is to get the best price possible and get it done as soon as possible.”
When the deal will be completed is unknown, Froehlich said. “As soon as there’s something firm, we’ll provide additional information,” he added.
Huntington Bank filed suit in late February against Columbus development firm Stonehenge Co. and its affiliate Gahanna-Creekside Investments, LLC, alleging a default of more than $30-millon in loans on the Creekside property.
Huntington agreed to advance funds to Froehlich, the court-appointed receiver in the foreclosure, to pay the city any and all defaults of Gahanna-Creekside Investments under leases.
Gahanna mayor Becky Stinchcomb told ThisWeek rent due for the land leases and property taxes owed to the city are being paid.
The city is looking forward to working with the new owner, who will bring new funding, new energy and new retailers to Creekside, she said.
“I will encourage the new owners to work hard with the existing tenants to establish new leases and create the critical mass of businesses needed to truly make Creekside a destination location,” Stinchcomb said.