Local developer purchases downtown Columbus Carmike buildings

A limited liability corporation led by a Columbus developer and real estate investor purchased two downtown buildings that were formerly owned by Carmike Cinemas Inc., and plans to immediately lease office space.

Greyrock Properties LLC, and its managing member Will White, closed on the purchase on Tuesday. It included the lass facade headquarters building at 1301 1st Ave. and a four-story brick building at 301 13th Street, White confirmed.

The buildings became available in the last year when Kansas-based AMC Entertainment Holdings bought Carmike in a $1.2 billion transaction. AMC worked for nearly a year to acquire Carmike and the deal was concluded in late December.

The Carmike headquarters building and the second downtown building about two blocks east were put on the market earlier this year.

The purchase price has not been disclosed.

Greyrock Properties bought the buildings and all of the contents, including office furniture, movie posters, art prints, office equipment and other personal property located in the buildings, White said.

“We are going to start looking to lease office space immediately,” White said. “You can walk in the door, all you will need to bring is your computer. There is even art of the wall and a movie theater if you need a break.”

City records list the market value of the former headquarters structure, which has five stories and sits on 1.65 acres, at $4.325 million. The property includes a two-level parking area with 72 surface spaces and 78 covered spaces. The property was marketed by Chicago-based commercial real-estate company JLL as more than 65,000 square feet of Class A office space.

Some prospects have expressed interest in leasing space in the headquarter building, White said.

“We have some prospects and they are solid,” White said. “We are a long way from signing leases, but there are definitely people interested. It is attractive because it is ready to move in.”

The other property that was part of the transaction is at the intersection of Third Avenue and 13th Street. It is a 22,254-square-foot building, constructed in 1965, according to tax records. It was mainly be used as a storage warehouse by Carmike Cinemas, with it holding items such as theater seats. The city’s tax office lists the property with a market value of about $590,000.

White, who lives in Columbus, owns all or part of 23 office buildings scattered throughout Columbus. His primary company, Greystone Properties Management LLC, operates 22 apartment complexes with about 4,000 units in Columbus, Phenix City, Metro Atlanta, Gulf Breeze, Fla., and Knoxville, Tenn.

As the $1.2 billion deal between AMC and Carmike was moving through the acquisition pipeline, there has been speculation that the headquarters complex could be used for everything from loft apartments or an upscale hotel to a mixed-use office and retail/restaurant hub.

Initially, White is going to lease the empty building as office space.

This story was originally published May 2, 2017 at 3:55 PM with the headline "Local developer purchases downtown Columbus Carmike buildings."