Columbus REALTORS® held its seventh annual Commercial Awards Banquet on Thursday, March 5, at The Joseph Hotel in downtown Columbus. More than 180 commercial movers and shakers, supporters and leadership were on hand to applaud the outstanding accomplishments of our 2014 honorees.
Phil Rasey, Development Director for The Pizzuti Companies, was the keynote speaker who shared insights on the company’s recent developments in the Short North area and throughout central Ohio.
After dinner, the ceremony reminiscent of the Oscars got underway with 2014 Commercial Recognition Committee Chair Rob Click presenting awards to the following honorees:
Commercial Instructor of the Year
Susan Gellman, Esq., Zacks Law Group, LLC
Susan Gellman, an attorney with Zacks Law Group, has been selected Columbus REALTORS® 2014 Commercial Instructor of the Year Award for her excellence in teaching and service to the real estate industry.
Susan teaches the “Civil Rights for Commercial Real Estate: Dealing with Landlord & Tenant Discrimination” course, which she presents in a thought-provoking way, bringing up topics and issues not always talked about in most civil rights courses, and garnering her high marks from those who have taken this course.
Susan’s areas of expertise are Civil Rights Law, Constitutional Law, Appellate Practice, Litigation, Labor and Employment Law, Gay and Lesbian Rights, Sexual Harassment and Discrimination. Her background includes an A.B. from Brandeis University, an M.S.S.W. from Columbia University School of Social Work, and a J.D. from The Ohio State University College of Law, where she graduated summa cum laude, is a member of the Order of the Coif, and was the Managing Editor of the Ohio State Law Journal.
She has been a partner with the law firm of Wolman, Genshaft & Gellman; an Adjunct Professor at Denison and Capital Universities Law schools; served on the Ohio Public Defender Commission, and as an Assistant State Public Defender. She’s involved with the Anti-Defamation League Legal Committee; American Civil Liberties Union of Central Ohio; First Amendment Rights Committee, American Bar Association, Vice Chair; Professional Ethics Committee, Columbus Bar Association; Equal Justice Foundation; and the Columbus Jewish Federation.
Susan has also been the recipient of numerous other awards.
Commercial Rookie of the Year
Tim Maly, Colliers International/Greater Columbus Region
Strong work ethic, trustworthy, and a passion for learning are traits used to describe Tim Maly, Columbus REALTORS® 2014 Commercial Rookie of the Year.
Tim, an associate with Colliers International, has been in commercial real estate for two years, where he specializes in representing both tenants and landlords. He also assists with the acquisition and disposition of investment retail properties and offers valuable financial analysis and market research. In his short tenure in real estate, he has been involved in 45 transactions (point person on 20 of those transactions), with transaction volume totaling over $26 million.
Prior to joining Colliers International, Tim spent three years working in the Ohio State Legislature where he interacted daily with state and city officials. He collaborated with businesses looking to move to or expand in Ohio, and assisted in drafting and passing key legislation to give local governments more economic flexibility.
He currently serves as Chair of the Columbus REALTORS® Commercial Membership and Member Services Committee and is a member of the Development Board Nationwide Children's Hospital. He is also a member of the Downtown Resident's Association of Columbus, the Urban Land Institute, the International Council of Shopping Centers, and has served as President of Young Professionals of Columbus.
Tim is a graduate of The Ohio State University (OSU) with a Bachelor of Arts Degree in Political Science and a Minor in International Relations. While at OSU, he was involved in Student Government and the Community Ambassador Program. He is also a member of Phi Kappa Tau fraternity and a volunteer with Habitat for Humanity.
Most Co-op Transactions -- Michael Linder, SIOR, Shane Woloshan, SIOR, and Joel Yakovac, SIOR, Colliers International, were presented with this award for closing 48 co-op deals with more than 20 different companies last year.
Largest Commercial Transactions –Sale or Lease
Largest Transaction Industrial (sale) – Matt Lehman, Jeff Lyons, and Michael Mullady, CBRE, received this award for the $112 million sale of 12 industrial properties located in Columbus, Obetz and Grove City. Exeter Property Group affiliates purchased this 3.5 million-square-foot portfolio from DCT Industrial Trust, making it (Exeter) the second-largest industrial investor in the Columbus region with 10.3 million square feet of industrial space.
Largest Transaction Industrial (lease) – Matt Lehman, Jeff Lyons, and Michael Mullady, along with Kevin McGrath and Rick Trott, CBRE, also picked up this award for securing Pier 1 Imports a long-term (158-month), $46.8 million lease deal for 464,000 square feet of warehouse space in the CenterPoint Business Park in Obetz. This warehouse space is located at 5235 Westpoint Drive, owned by Exeter Property Group, and is housed in the 1.17-million-square-foot property anchored by Kenco Logistics Services.
Largest Transaction Office (sale) – Brett Cisler and Andrew Jameson, Colliers International, took home this prize for the acquisition of the Class A, nine-story office building located at 3455 Mill Run Drive in Hilliard. This 174,323 square foot office building is fully leased and is surrounded by outstanding area amenities, with freeway visibility on I-270.
Largest Transaction Office (lease) – Todd Greiner, Doug Jackson, Terry Mathews, Philip Pelok, and Bill Wipple, CBRE, and David Cornich and Jaimine Johnson, Donald R. Kenney & Company, received this award for negotiating a lease renewal of 96,177 square feet of office space at 1900 Polaris Parkway. This lease agreement is for 11-years. The office building is visible from I-71 and lends its self to easy access to I-71 and I-270.
Largest Transaction Multi-Family (sale) – Micah Deskins and Ed Joseph, CBRE, received this award for the sale of six apartment complexes located in Columbus, Dublin, Hilliard and Reynoldsburg. These complexes were sold as part of a portfolio of 64 rental housing communities with combined units of 20,000. A total of 2,560 units were included in this sale.
Most Unique Transaction
James Mangas, CCIM, Best Corporate Real Estate
James won this award for a transaction that involved the simultaneous sale of a medical business and the real estate that housed the business. And to make this deal just a little more challenging, the real estate had been in receivership for several years.
The doctor who owned the medical business had made several unsuccessful attempts to purchase the real estate, located at 69 Huber Village Blvd., in Westerville. His medical business was well established and profitable, but with the real estate being for sale and the medical business on a month to month lease, the doctor faced eviction at any time.
The doctor hired James in June to sell the medical business to another doctor who would allow him to stay on part-time through a transition period. James knew that the real estate would have to be stabilized before they could sell the business and that either his client or the buyer for the business would have to purchase the real estate from the receiver.
A buyer for the business was found who was able to finance the purchase of the business, but not the real estate. To make the deal work, they needed a lender who would be willing to finance the sale of the business and use a portion of the proceeds from that sale as down payment for his client to purchase the real estate from the receiver.
Underwriting required the transactions to be simultaneous; a 10-year lease (with a purchase option after two years) agreement between his client (who would be the landlord) and the Buyer (the tenant); both parties agreeing to an employment agreement for his client to stay on as an employee for a minimum of two years with a minimum annual salary and terms acceptable to the bank's underwriting; a formal purchase and sale agreement to be finalized on the sale of the medical business and assets with attorneys for both the buyer and seller (James’ client) approving all terms; and property improvements being made by his client prior to closing on the sale of the business.
In August, a funding source was found and James negotiated an acceptable purchase price and terms for the real estate for his client. But, a sheriff's sale was approaching, and the first lien banker would only grant 25 days for all contingencies, including a financial contingency, to be met, which were all completed before the deadline.
Once they were in contract on the purchase of the real estate, several more obstacles had to be worked out before they could close on both transactions, including a First Right of Refusal agreement recorded with an adjacent property owner that eventually got resolved by the end of September.
With all due diligence completed, the sale was submitted to and received court approval in late October, but the court required two additional lien holders to approve the sale or for James and his client to wait for an extended objection period to expire. The attorney for James’ client was able to get both lien holders to approve the sale, and the process to close both transactions began only to discover that the Buyer for the business did not pass final underwriting to purchase the medical business. Luckily, they were able to find a new lender who would finance the business purchase within the limited timeframe dictated by the real estate purchase contract.
After six months of working with four different attorneys representing separate interests, a receiver, the receiver's broker, three different banks, and two doctors, they were able to close on the sale of the medical business for the Buyer and the real estate for James’client simultaneously on Dec. 15, 2014.
Erika Blumenstein Award
Jim Coridan, SIOR, Keller Williams Excel Realty
For his professionalism and outstanding commitment to the real estate industry and to the central Ohio community, Jim Coridan was presented with the 2014 recipient of the Erika Blumenstein Award.
Jim has been Senior Vice President of Keller Williams Commercial Excel Realty for nearly two years and prior to that was broker/owner of Coridan & Associations for nearly 22 years. He has 33 years of experience as a commercial REALTOR® in the Columbus market, and more than 17 years of experience in leadership positions for both the real estate association and local organizations.
Jim is a past president of Columbus REALTORS, has served two, three-year terms on its Board of Directors, and has chaired the Board of Consultants, CORPAC, Foundation Advisory Board, Governmental Affairs and Commercial Recognition committees. He has also served as a member of the Budget, Finance & Investments, Commercial Advisory Board, Commercial Education, and Commercial Steering committees, chaired the Ohio Association of REALTORS® C/I Committee, and served on the Board of Directors for the National Association of REALTORS®. In 2013, Jim was honored as Columbus REALTORS® Broker of the Year.
He holds a Bachelor of Science degree in Business Administration from The Ohio State University, where he majored in finance and real estate, and the Society of Industrial and Office, REALTORS® (SIOR) designation. He is a past regional director for SIOR, serving the Ohio, Michigan, Kentucky, Illinois and Wisconsin chapters, served on SIOR’s National Board of Directors and is a past president of SIOR’s Ohio Chapter.
In 2005, Jim served as president of the Columbus Commercial Industrial and Investment, REALTORS® (CCIIR) and that same year was named the National Association of Industrial and Office Properties (NAIOP) Central Ohio Broker of the Year.
In the community, Jim has been supportive of several local charities, including the American Cancer Society, Directions for Youth, Faith Mission, Home Reach Hospice, Muscular Dystrophy and Nationwide Children’s Hospital. He has also been an active American Red Cross blood donor, and has given more than 76 pints of blood over the past 20+ years.
The 2014 10 Top Producers are Eric Belfrage, CBRE; Jeff Carey, CBRE; Wayne Harer, Continental Realty, Ltd.; Andrew Jameson, Colliers International; Michael Mullady, CBRE; Brent Stamm, Continental Realty, Ltd.; David “Randy” Stephens, DTZ; Doug Tenenbaum, HER, Realtors®; Rick Trott, CBRE; and Douglas Wilson, Sperry Van Ness/Wilson Commercial Group, LLC
This event was organized by the Columbus REALTORS® Commercial Recognition Committee and was made possible by the generous support of the following sponsors:
Keller Williams Commercial
NAI Ohio Equities
Balalovski Real Estate, LLC
Donald R. Kenney & Company
PM Title, LLC
Commercial Affiliate Level
Civista Bank (formerly Champaign Bank)
Taft, Stettinius & Hollister
Special thanks to Business First and Xceligent.
Also, a special note of thanks is extended to Mark Van Benschoten and Rea & Associates for providing its services in determining the 2014 Top 10 Producers.