Columbus OH Market News October 2011

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  • 1. OCTOBER 2011 / PRODUCED BY COLLIERS INTERNATIONAL RESEARCH Central Ohio Market News Economic & Development News • Arena District developer Nationwide site of the planned garage and a Realty Investors Ltd. is moving toward the 280,000-square-foot office building. construction of a 1,225-slot parking which Columbia Gas expects to occupy inINSIDE THIS ISSUE garage between Nationwide Arena and 2014. Neil Avenue, ahead of construction of an • The Licking County Chamber of- Duke Realty unloads office office complex to be anchored by properties in central Ohio Commerce is teaming with the county Columbia Gas of Ohio, Inc. The onto Blackstone government to form a community Downtown Commission will consider the improvement corporation which will- Nationwide Arena to be sold planned, four-level parking garage at a create a one-stop approach for Licking to county meeting in late October. The $12 million County’s efforts to attract, retain and project, designed by the Columbus office- Numerous other office grow businesses. The Chamber is trying properties sold of Kansas City’s 360 Architecture, will to raise $750,000 over the next three replace 525 surface parking spots on the years. MARKET INDICATORS Positive Or Negative Trend Location Trend Comments UNEMPLOYMENT OHIO - The state’s unemployment rate remained 9.1 percent in September from 9.1 percent in August. UNEMPLOYMENT COLUMBUS + Central Ohio’s unemployment rate fell to 7.8 percent in August from 8.2 percent in July. HOME SALES COLUMBUS + Home sales rose in September 2011 compared to September 2010 by 17 percent with 1,719 single-family units. FORECLOSURES OHIO + Home foreclosures declined by 1.5 percent in August 2011 from August 2010. www.colliers.com
  • 2. Office & Medical News Central Ohio Market News• Fairway Acquisition LLC purchased the Easton mixed-use development in Every month, the researchers at Colliers InternationalPark Place Center shopping center off northeast Columbus. Duke said the deal in Columbus compile the latest business news inRoute 23 ,north of Worthington, with moves the company toward its goal of Central Ohio. It’s difficult to make time during the dayplans to redevelop the distressed creating a portfolio with 60 percent in to monitor breaking news and to catch every pertinent story, so we make it easy for you to get theproperty. The firm paid Regency Centers industrial buildings, 25 percent in office information you need to make informed businessLP of Jacksonville, Fla., $2.06 million in properties and 15 percent in medical decisions.August for the 107,000-square-foot office real estate. The company will stillcenter between Lazelle Road East and have about $2.5 billion worth of office Central Ohio Market News is a publication compiledDillmont Drive. The center is about 75 properties remaining in its portfolio. The and researched by the Research Department at Colliers International in Columbus.percent vacant, including a deal is set to close December 1.57,000-square-foot anchor store space • One Columbus, at 10 West Broadabandoned by Big Bear Stores Co. nearly Sources: Ohio Department of Development, Business Street, was sold to True North First, The Columbus Dispatch, The Daily Reporter,eight years ago. This Week Daily Newspapers, Wall Street Journal, Management Group by Invesco Real ColumbusUnderground.com and Costar.• Drug manufacturer, PharmaForce Inc., Estate. The 407,340-square-foot facilityhas pledged to add 57 jobs through 2014 was 70 percent occupied and sold foras it expands capacity at its plant at 4150 $27 million, a 47 percent discount fromLyman Drive. Hilliard has offered the $51.5 million it was purchased for inPharmaForce a seven-year incentive 1999. Want Your News Faster?deal that would pay an amount equal to • Windsor Terrazza LLC, an affiliate of Follow us on Twitter at15 percent of the local payroll taxes Westerville-based Windsor Cos., bought twitter.com/ColliersCbusgenerated by its new jobs. The incentive buildings at 6460 Busch Blvd., 6600is valued at about $40,000 over seven Busch Blvd. and 6660 Doubletree Ave. Get links to the latest news stories, commercialyears and is capped at $62,480. real estate news and Colliers International for a combined $1.5 million. The information as it happens.• Blackstone is paying Duke Realty Corp. purchase price amounted to $13.20 per$1.08 billion for 82 buildings in seven square foot for the combined 113,605suburban markets, including those square feet in the portfolio.outside of Dallas, Atlanta, Minneapolis • DataCenter.BZ has completed aand Columbus. Blackstone will acquire 19 34,000-square-foot expansion of its datasuburban office properties in Franklin center on Scherers Court in Columbus.County. The sale in Columbus involves The expansion will allow the company tooffice buildings with a combined 2.08 increase its work force from 12 to 17. Nomillion square feet, primarily in the Tuttle tax incentives or government aid wereCrossing mixed-use development in used, the company said.northwest Columbus and Dublin and theRetail News• Franchisees for Columbus-based • Developer Mark Wagenbrenner is • Franklin County Convention FacilitiesEscape Enterprises Ltd. have opened a moving ahead on a $5.9 million shopping Authority, a joint Columbus-countySteak Escape Grille in Newark, one of 20 center near Lincoln High School in organization that would own Nationwidelocations expected to open this year. A Gahanna that will provide a non-tax Arena, will pay $42.5 million thefranchised restaurant at Grandview revenue stream to the Gahanna-Jefferson Nationwide Arena to Nationwide MutualAvenue and Dublin Road opened in July Public School district. The district’s Board Insurance Co. and Dispatch Printing Co.,and other new locations are in the works of Education approved an 85-year lease using a portion of casino tax revenue tofor New Albany, Pickerington, Marion and for a 23,600-square-foot retail strip on fund the purchase and subsidize arenaCircleville. North Hamilton Road, catty-corner from operations. the high school and next to its new Clark Hall annex.
  • 3. • Kohl’s is opening four stores in Ohio, Broad & High development downtown. Columbus Directory including one in Grove City. The four The firm expects to move as early as Ohio stores — including ones in Alliance, November into 1,200 square feet at 14 OFFICE SERVICES GROUP Miamisburg and St. Marys — are part of N. High St. between a Tim Horton’s and Brett Cisler +1 614 437 4498 a broader move today by the company to a Burgers Dogs and Fries. Andrew Jameson +1 614 437 4500 open 30 stores, creating approximately • The Columbus Regional Airport Christopher Potts CCIM +1 614 437 4654 4,000 jobs. The Grove City store, at Authority is in contract to pay $1 million James Corbett CPM CCIM +1 614 410 5651 1548 Stringtown Rd., is one of 111 Kohl’s for one of the five hotels that sits on John Underman +1 614 437 4499 stores built since fall 2008 that received property leased adjacent to Port Leadership in Energy and Environmental Paul Heiserman +1 614 437 4497 Columbus’ terminal building. All five Design initial certification at the silver Aaron Duncan +1 614 437 4662 were put up for sale in early 2009, with level from the U.S. Green Building Daniel Dunsmoor +1 614 437 4494 the owner seeking rent concessions Council. The stores have on-site after Platinum Ridge fell behind on rent Kathryn Aiken +1 614 437 4556 recycling, water-efficient landscaping and tax payments. Platinum Ridge paid and regionally sourced building original developer Don Kenney $29.5 INDUSTRIAL SERVICES GROUP materials. million for the five hotels in 2005. Michael Linder SIOR +1 614 410 5628 • An Edible Arrangements franchisee Onno Steger +1 614 410 5637 has signed a five-year lease at the Bill Baumgardner +1 614 410 5603 Shane Woloshan SIOR +1 614 410 5624 Industrial News Joel Yakovac +1 614 410 5654 Benjamin Johnson +1 614 410 5647 • Pataskala officials have opened new • Ohio Turnpike tolls are expected to go areas for construction called Pataskala up Jan. 1, despite an earlier proposed RETAIL SERVICES GROUP Corporate Park. Roughly 520-acre freeze and opposition from truckers. expanse of farmland between Rt. 16 and Turnpike Commission Chairman Jerry Glenn Garland +1 614 410 5649 Rt. 40, including a state-certified, “ job- Hruby has said the increase, which is Lucie Stark +1 614 410 5657 ready” site of nearly 300 acres, is being about 10 percent for trucks and cars, is Jon Leffler +1 614 410 5638 promoted as close to Port Columbus necessary and already in the budget. and I-70, as well as having access to RESEARCH • Ares Sportswear Ltd., along with its infrastructure and a railroad. Dyenomite tie-dyeing affiliate, Leslie Hobbs +1 614 410 5640 • Magna Quad I, at 1120 Morrison Road announced plans for a 90-employee Jonathan Badgley +1 614 437 4495 in Columbus, was purchased by STAG expansion once it relocates its specialty Industrial REIT from Hollingsworth T-shirt and sportswear operation to EXECUTIVE LEADERSHIP Capital Partners. The 385,655-square- 3700 Lacon Road Richard Schuen SIOR CCIM +1 614 410 5612 foot building was fully occupied and • Pizzuti and Cabot Industries are Richard Underman CPM CCIM +1 614 410 5617 sold for $7.8 million, or $20 per square marketing assets in Columbus Jim Garrett MCR +1 614 410 5652 foot. OUR OFFICES Polaris | 8800 Lyra Dr | Ste 150 Downtown | 175 S. Third St | Ste 285This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees,representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content,accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International Accelerating success.excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss anddamages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). ©2011. All rights reserved.