Prime Mixed-Use Property Near OSU and Short North Sells at Foreclosure Auction for $2.48 Million

Columbus, Ohio, August 21, 2024 A .457-acre multi-parcel property strategically located between The Ohio State University and the Short North has been successfully sold via online foreclosure auction for $2,476,650, inclusive of the buyer’s premium.

The site features a commercial building currently home to The Village Idiot Sports Bar, 19 apartment units, and an adjacent parking lot, making it one of the few available mixed-use properties in one of Columbus’s most sought-after corridors.

Appointed by Franklin County Common Pleas Court Judge David Brown, Richard Kruse of Gryphon USA served as the Private Selling Officer (PSO), partnering with Zane Fry, Director at Cushman & Wakefield’s Columbus office, to lead the accelerated marketing and sale process.

The property had previously been listed for over two years at $3.2 million without securing a buyer. A subsequent Sheriff’s appraisal valued the property at $1.8 million, setting the auction’s minimum bid at $1.2 million.

Despite a compressed three-week marketing period, the campaign attracted significant interest, generating:

• Over 100 qualified inquiries
• 17 registered bidders
• A competitive auction environment that pushed the final sale price well above the minimum bid

“This result showcases the effectiveness of combining legal-based sales mechanisms with institutional-grade marketing,” said Kruse. “It’s a powerful alternative when traditional listing methods fall short.”

Kruse and Fry have a long history of collaboration on distressed and court-ordered real estate matters. Their past projects include the sale of the former Electronic Classroom of Tomorrow (ECOT) campus—acquired by Columbus City Schools at auction—as well as diverse assets such as churches, retail centers, multi-family properties, industrial sites, and self-storage facilities.

Kruse serves as Managing Partner of Gryphon USA, Ltd., overseeing real estate brokerage operations, a national auction group, and a receivership practice focused on complex legal and financial disputes.

Fry brings over 15 years of experience to his role as Director of Investment Services at Cushman & Wakefield, leveraging deep market knowledge and transaction expertise across a broad array of asset types.