The 80-acre Omnova property in east Columbus has been sold, Realtors with Rhett Real Estate confirmed Wednesday, signaling a new lease on life for the property that has remained largely vacant since Omnova ceased production at the site in 2011.
“A buyer has come forward and the property was closed on (Tuesday),” said Royce Hudspeth, who has worked with the property owner for the past five years, the last three as its listing agent. “I’m very pleased. Sites like this are being torn down all over the country, so it’s really good that a buyer has been found who has plans for the property. It really is a unique site. At 680,000 square feet, it’s one of the biggest sites in the region.”
Robert Rhett, who represented the buyer, said the new owner prefers to remain anonymous until meeting with city officials later this week.
“There are a lot of moving parts still in play right now,” Rhett said. “(The new owner) wants to meet with the mayor Friday and go over some ins and outs. He’s asked not to reveal his identity until he’s had a chance to do that. He’s wants to do everything he can to create jobs and wants to work a few things out before he comes forward.”
The sale represents a new chapter at the site, located at the corner of Yorkville Road and Highway 69 in east Columbus. Originally opened as General Tire Rubber Company in April 1962, the property shifted hands to Omnova Solutions Inc. — a wall covering manufacturing — in October 1999. Missouri businessman Stuart Milner bought the property under the name of Columbus Business Center LLC in July 2013.
The only tenant since the sale has been Omnova, which continues to use 200,000 square feet of the property as a distribution center.
At the time of the 2013 purchase, Milner hoped to find additional tenants for the remaining 480,000 square feet of developed space but never did.
Hudspeth first became involved in seeking clients for Milner’s company in 2014, but finding tenants proved difficult, he said.
In 2016, Milner put the property on the market with Hudspeth serving as listing agent. A year later, New Jersey-based SNS Solutions, LLC, entered a contract on the property as owner and buyer tried to work out a sale.
“SNS had it under contract for 2 1/2 years, but it just never worked out, so the owner went in another direction,” Hudspeth said. “We listed the property again in June of this year at a price of $2.2 million. In August, a buyer was produced and the sale closed Tuesday.”
Lowndes County Tax Assessor/Collector Greg Andrews said he spent about an hour recently talking with the new owner by phone.
“I think his plan is to work on the facility, get it rehabbed and ready and bring in two or three tenants,” said Andrews.
Currently, the property generates about $900,000 in tax revenue, Andrews said.
“That number might go down a bit in 2020 and 2021, as (the new owner) works on the property and works out the tenant situation,” Andrews said. “But after that, I would expect the taxes to go up as new tenants begin operations. It’s definitely a good thing for the city. It’s a pretty big property.”
Hudspeth said the new owner will have a considerable amount of rehab work to do on the long-dormant part of the facility.
“It has been in ill-repair,” Hudspeth said. “There’s work to do on that end, but I’m really pleased with how this has worked out. A lot of sites like this, if they are sold, they’re sold for scrap. I’m pleased that something like that isn’t going to happen in this case. It’s a really good outcome.”
Mayor Robert Smith, through the city Public Information Officer Joe Dillon, declined to comment this morning.
Slim Smith is a columnist and feature writer for The Dispatch. His email address is [email protected].
You can help your community
Quality, in-depth journalism is essential to a healthy community. The Dispatch brings you the most complete reporting and insightful commentary in the Golden Triangle, but we need your help to continue our efforts. In the past week, our reporters have posted 32 articles to cdispatch.com. Please consider subscribing to our website for only $2.30 per week to help support local journalism and our community.
You can help your community
Quality, in-depth journalism is essential to a healthy community. The Dispatch brings you the most complete reporting and insightful commentary in the Golden Triangle, but we need your help to continue our efforts. In the past week, our reporters have posted 32 articles to cdispatch.com. Please consider subscribing to our website for only $2.30 per week to help support local journalism and our community.
READER FAVORITES
Related Photos
Royce Hudspeth
Robert Rhett
Greg Andrews
