Knowledge thats Sells February 2012

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  • 1. Knowledge That SellsFebruary 2012General News• The City of Forest Park purchased 1.13 acres at Waycross and Sebring. The • RSW/US leased 10,000 SF at the Perin Building located at 6725 Miami land may be used to expand the city’s streetscape or the public works facility. Avenue in Madeira.• DHL Express USA Inc. is planning a large expansion which will add more than • Tier1 signed a 10-year lease for 12,500 SF of space on the 1st floor of 180 jobs to the CVG airport. The expansion will include a 193,000 SF addition Corporex’s RiverCenter II. for $46.9 million. • Law firm Keating, Muething & Klekamp PLL is exploring options within the CBD for 80,000 to 90,000 SF of office space, or may renew its currentDevelopment lease on Fourth Street.• Columbia Township is working with the Hamilton County Development • ACT Inc. leased 30,000 SF of office space at 5300 Kings Island Drive in Corporation to increase and re-develop the business corridors in the Mason, OH. township. The proposal will cost Columbia Township taxpayers approximately $25,000. • Mustard Seeds Child Daycare leased 6,000 SF of office space at 19 East Pike Street in Covington, KY.• Hamilton County and the Port of Greater Cincinnati Development Authority are considering a joint plan to help redevelop abandoned and blighted residential properties through the creation of the Hamilton County Land Reutilization Corporation. Industrial • O’Gara Group Inc. acquired Protection Devices Inc., a manufacturer of• Towne Properties is breaking ground on U Square @ The Loop between armored passenger vehicles, and will open a plant in Fairfield. The Calhoun and McMillan at the University of Cincinnati. The development will building holds 36,000 SF with an optional 29,000 SF on Osborne Drive. add 161 apartment units plus additional retail space. Towne Properties is also looking into the possible development of apartment complexes in downtown • UPS Inc. is shrinking its operations at the airport in Hebron, KY, and will Newport, KY, and on the corner of Delta and Columbia Parkway. eliminate 433 jobs.• Red Capital Markets deployed a $6 million bond for The Reserve on South • Ecobryt leased 8,000 SF of industrial space at 7745-7749 Reinhold Drive. Martin, a 60-unit housing development being built in Mt. Healthy. • GrassCor purchased 32,089 SF of industrial space at 8915 Blue Ash Road.• Western & Southern Financial Group is debating whether to rehab their current 850-space garage at the corner of Third and Broadway, or demolish it • Cardiff Group Ltd. purchased 17,015 SF of light industrial space at 2084 and build a new garage topped with residential units. James E. Sauls Sr. Drive in Clermont County.• Steiner & Associates plans to break ground in 2013 on a $300 million retail • Mike Carnevale Property LLC sold two acres at 2452 Kinsey Avenue for $1 development in Liberty Township at the Liberty Way Interchange. million to 032811 Holdings LLC.Office • The city of Norwood received a $217,993 grant for an environmental assessment of the former Smith and Nixon manufacturing site, located at• DunnhumbyUSA will build its new headquarters at Fifth and Race in the CBD 4817 Section Avenue. The current owner may build a single-story, 80,000 and will include a parking garage, additional commercial space and retail. The square foot office and warehouse building that will include parking. State of Ohio is looking to acquire their existing building on 3rd Street for the reconfiguration of the Brent Spence Bridge. • Proximo, a liquor distributor, acquired the bottling and packaging operations of Lawrenceburg Distillers in Indiana.• CyrusOne, a Cincinnati Bell Inc. subsidiary, will open a 400,000 square foot raised floor data center space in a suburb north of Dallas. The data center • Diversapack, a packaging supplier in Monroe, will close its plant at 802 will be the largest in Texas and one of the largest in the nation. North Garver Road, resulting in the loss of 173 jobs.• Aspen Dental opened two new locations, 6218 Glenway and the other at 658 • LeanCor Supply Chain Group leased 106,920 SF at Skyport Building 5, Corwin Nixon Boulevard. The company has plans to add two more locations located at 2265 Progress Drive. later this year. • Rite Rug leased 60,000 SF at 10020 International Boulevard, World Park• Seapine Software LLC will build its $7 million, 50,000 SF headquarters in Building 9. Mason on Western Row and bring over 40 new jobs to the city over the next five years. • Washing Systems purchased 28,358 SF of industrial space at 167 Commerce Drive in Loveland, OH.• Christ Hospital is moving nonclinical support staff to a redeveloped facility in Mt. Auburn. The facility is 152,000 SF and the hospital is partnering with Al. • Batesville Casket, Batesville’s largest employer, is cutting about 100 jobs Neyer Inc. for the $20 million transformation. because of an increasing trend towards cremation.
  • 2. • L-3 Communications will close its Nova Engineering plant in Deerfield • MAC Cosmetics, Foot Action & Soma Intimates have all closed in the Township and eliminate 96 jobs. Kenwood Towne Centre. The Art of Shaving will open in the space previously occupied by MAC Cosmetics.• Japan’s largest manufacturer of industrial tools, Kanefusa USA Inc., will build a $2.7 million North American headquarters in Northern Kentucky. • Qdoba Mexican Grill opened in Western Hills at 6173 Glenway Avenue. The 25,000 square foot facility will be situated on the corner of Crescent Springs Road and Dolwick Connecter in Erlanger, KY.A 30,000 SF building • Déjà 2 Consignment Furnishings opened at 12123 Mason Road in a 1,900 at 167 Commerce Boulevard was sold by Franklynn Properties to Washington SF space. They will sell slightly used furnishings and home décor. Systems for $1.7 million. • Pompilios Italian restaurant will open a second location at the former• Black Oak Capital Holdings LLC purchased 234,500 SF of industrial space at Buffalo Bob’s space on Declaration Drive in Independence, KY. 1701 MADE Industrial Drive in Middletown, OH. • Burnell’s restaurant will take over the space vacated by Mayberry at 915• Cavalier II Development LLC purchased 30,000 SF of space at 9750 Crescent Vine Street. The new restaurant will serve options for both lunch Park Dive in West Chester, OH. and dinner.• Erlanger-based Post Glover Resistors will add a $5 million expansion at 1369 Cox Avenue and create 19 jobs in the area. Investment • Gimel Liberty LLC purchased the 22,798 SF Liberty Towne Center andRetail plans to make improvements to help increase occupancy.• Ruth’s Chris Steak House signed a lease for a two-story restaurant at The • The Connor Group sold Timber Hollow Apartments in Fairfield to Timber Banks. The upscale steak house will lease 9,600 SF at the corner of Walnut Hollow SPE LLC for $23.5 million. Street and Freedom Way. • Sinkula Properties LLC acquired the 12,932 SF PPG Porter Paints Store at• Granite World, a new granite showroom at 123 West 14th Street in Covington, 4600 Reading Road in Cincinnati from Neyer Properties for $1 million. opened in a former 8,000 SF warehouse space. • Little Flower Apartments were sold by CFL-Fourteen LLC to Stephen• Dakota Watch Co. closed its downtown location at Tower Place Mall. Turman Investment Properties. The 99-unit apartment complex, located at 2735 Hillvista Lane, sold for $1.2 million.• Sears Holding Corp. will close six Ohio Kmart stores this year. Currently, no stores in Greater Cincinnati will be affected. • A 2,900 SF building, located at 4465 Eastgate Boulevard, constructed in 2008, was sold by Anchor Associates to Michael Kane and Associates for• The Good Dog restaurant will open at 633 Main Street after closing its doors $1.47 million. The property is currently leased by AT&T. for two years. The lunch menu will feature hot dog sandwiches, soups, and macaroni and cheese. • AIMCO sold a 137-unit multifamily complex in Reading to Dominium Management Services LLC for $2.97 million.• Aladdin Restaurant & Hookah Bar opened at 4135 Alexandria Pike in Cold Spring, KY. • Cabot Properties purchased 196,434 SF (Buildings B & C) in Fairfield Business Center for $5 million. The two buildings are located at 6880-• Macy’s Inc. will close five Macy’s stores and four Bloomingdale’s stores 7018 Fairfield Business Drive. across the country that are underperforming, Sources: Cincinnati Business Courier, Dayton Daily News, Cincinnati Enquirer, Dayton Business• Batsakes hat shop is expanding its current location in the ground floor of the Journal, CoStar Group, Inc., RE Business Online, GlobeSt.com, RealCapital Analytics, The Conference Board, former Terrace Plaza Hotel downtown. The Federal Reserve Board, Xceligent.• H&D Beauty supply signed a lease for 2,300 SF on 6th Street downtown, next to CVS Pharmacy. QUARTERLY UPDATES• Hot Mama, a designer clothing store for moms, will open a store at Kenwood Our fourth quarter 2011 stats Towne Center in mid-April. Another location will also open at Deerfield Town videos are up on YouTube Center in early May. and have a fresh new look.• Knotty Pine on the Bayou will move to 6342 Licking Pike in Cold Spring in the Take a peek at our 3-minute former Cline’s on the River building. video series at www.youtube.• Mahogany’s Café & Grill will open in 3,500 SF at The Banks in April. com/ColliersIntOhio for a• Bluegrass Ink, a printer supply company, is now open for business at 659 breakdown of last year’s trends Stevenson Road in Erlanger, KY. in industrial, retail, office and• Hoggy’s Restaurant & Catering has closed all but one of its seven locations investment properties. after filing for receivership; the only remaining location is in Gahanna, OH.• Goodfellas Pizzeria will open its first location outside of Lexington this spring at 603 Main St. right next to Cock & Bull Pub in Covington’s “Knowledge That Sells” is a monthly publication compiled and MainStrasse Village. researched by the market research department at Colliers• Smith & Nephew leased 6,000 SF at 5005 Barrow Avenue. International. For more information, or to be added to the• Asiatique Bistro in West Chester closed after opening this past July. subscriber list, please contact Brian Graham at brian.graham@• Medvet, a 25,000 SF medical and cancer care facility for pets, is opening at colliers.com. 3960 Red Bank Road.• Cadillac Ranch will get a new name, Cincy’s on Sixth, and a new look when COLLIERS INTERNATIONAL remodeling and new signage are complete in February. Greater Cincinnati• Adriatico’s Pizza in Clifton relocated to 113 West McMillan and now can hold 425 Walnut Street, Suite 1200 75 people. Cincinnati, OH 45202• Marshalls and Hobby Lobby will be coming to Governor’s Pointe retail complex 513 721 4200 Fax 513 721 0630 in Deerfield Township. Marshalls will occupy 28,600 SF, while Hobby Lobby will take up 55,000 SF. Both projects are expected to be complete by fall www.colliers.com of 2012.