Knowledge That SellsJanuary 2012General News• Sears Holding Corp. will remain in the Chicago area, after Governor Pat • Steiner & Associates plan to move forward on the first phase of Liberty Quinn signed a tax-break package that will save Sears about $125 million Township Square. Plans are to open the $300 million project in 2014. over the next 15 years. This will be one of the first major retail projects to break ground in the U.S. since the recession.Development • The Jewish Hospital on Kenwood Road in Kenwood is planning an expansion that will include a new wing and will cost more than $100• The Northern Kentucky steel plant, TMK IPSCO, announced plans for million. Construction is expected to commence in 2013. expansion and, as a result, will bring 20 new jobs and retain nearly 300 at the plant. Tax breaks combined with incentives will result in an investment of $27.6 million in the region. Office• The Fourth & Race Tower in downtown Cincinnati is undergoing a $19 mil- • Catholic Health Partners, the largest health system in Ohio, is hiring lion renovation into apartments and is on pace to open by next more than 50 employees for its Corporate Physician Business Center summer. Located at 105 West 4th Street, the building will include 88 in Blue Ash. one- two bedroom loft-style apartments ranging from 700 to 2,100 SF. • The Ohio Tax Credit Authority awarded tax credits to Milacron LLC and• Greiwe Development Group is working on environmental studies of several MHC Medical Products, both to add a combined 60 new jobs to sites on Plainville Road. No properties have been purchased yet, but that the area. could change in the near future. Greiwe hopes to purchase several sites once testing is completed to build three-story apartment complexes. • Omega Processing Solutions is expanding its existing credit and debit card service center in Ft. Thomas by investing $475,000 in their• It is rumored The City of Cincinnati will close the Blue Ash Airport because facility and adding 25 new jobs. of lacking federal grants and declining revenue. Cincinnati has owned the 228-acre airport since 1946. • Devicor Medical Products, Inc. is expanding into 15,000 SF of office space and 32,000 SF of research space at Summit Woods• 3CDC is raising $25 million to construct four homeless shelters in in Sharonville. Greater Cincinnati. • TQL announced plans to build a second 100,000 SF office building on• Unexpected construction issues delayed the opening of the Moerlein Lager its 30-acre site along I-275 in Eastgate. House at The Banks by three weeks. The grand opening is now set for February 27th. • Advantech leased 17,000 SF of office space at 11370 Reed Hartman Road in Blue Ash.• University Hospital will add 135 beds over the next 18 months, taking over converted office space in Corryville. After the $20 million project is • Vegas Americas Inc. purchased the former Woolpert Building in Oakley completed, University Hospital will have 614 beds – the most of any hospital for $2.35 million. The 26,960 SF building is located at 4141 in Greater Cincinnati. Rosslyn Drive.• The Cincinnati streetcar was awarded a $10.9 million grant from the Tiger III Federal Program. The streetcar starter line will connect Fountain Square to Findlay Market. Industrial • Star Moving and Storage expanded into 11,250 SF at 9824-9826 Princeton Glendale Road in Springdale.• The Mayfield Clinic will double the Precision Radiotherapy Center in West Chester. The development will cost $6.5 million and include new technology • Post Glover Resistors purchased 69,000 SF at 1369 Cox Avenue in that enables doctors to scan a patient’s brain, body and spine Erlanger, Kentucky. simultaneously. • ACS Electrical purchased 15,560 SF at 11355 Sebring Drive in• Dearborn County Hospital in Lawrenceburg has expanded and added two Forest Park. new operating rooms and a second endoscopy room at the medical facility. • Staples signed a 5-year, 90,000 SF lease at 10001 Alliance Road in• The Banks riverfront development opened Freedom Way and more than 700 Blue Ash. parking spaces.
• Valeo leased 94,917 SF of industrial space at Constitution Distribution Center • Arner-Asian food shop will open on the corner of Orchard Street and in Fairfield, Ohio. Main Street in Over-The-Rhine. The space is 1,700 SF and will also house a small grocery and several small co-op spaces.• National Bedding leased 52,524 SF at 4663 Dues Drive in Fairfield. • LivFit, a nutrition counseling and personal fitness training business,• Haverty Furniture leased 50,135 SF at Northpointe Distribution Center opened at 9449 Kenwood Road in Kenwood. in Fairfield. • Salon Lofts will open its fourth Cincinnati location at 10002• Display Works leased 73,750 SF of industrial space at World Park @ Union Montgomery Road in Schoolhouse Plaza. The location will be 3,800 Center 7 in West Chester. SF and have space for 20 lofts.• Speer USA leased 32,000 SF of warehouse and distribution space at Sharonville Distribution Center 1 off Crescentville Road. Investment• Innovative Foods leased 19,500 SF of industrial space at 10001 Alliance Road • Visconsi Buttermilk Ltd. purchased the 277,533 SF retail center in in Blue Ash. Crescent Springs, anchored by Home Depot, Ashley Furniture and Remke Markets, for $18.3 million.• Accelerated Courier Inc. leased 12,215 SF of industrial space at Airport Exchange Business Park in Erlanger, Kentucky. • Monmouth Real Estate Investment Corp. acquired a 51,200 SF industrial building, located at 4170 Columbia Road in Lebanon, Ohio for $5.1 million.Retail Sources: Cincinnati Business Courier, Dayton Daily News, Cincinnati Enquirer, Dayton Business• The newly completed Great American Tower added three new retail tenants Journal, CoStar Group, Inc., RE Business Online, GlobeSt.com, RealCapital Analytics, The Conference including PNC Bank, Coffee Emporium, and Simply Grand (a new Board, The Federal Reserve Board, Xceligent. restaurant concept).• Marlin and Ray’s Seafood Bar & Grill opened by the intersection of Cox and Tylersville Roads in West Chester. COMMUNITY INVOLVEMENT• Two new retailers are heading to Bridgewater Falls Lifestyle Shopping Center Colliers International – Charming Charlie (a fashion accessories store) and Leslie’s Pool Supplies. in Greater Cincinnati• Kroger is planning a new Marketplace store at Florence Square on Mall Road. shopped, collected They have already submitted a site plan for the 123,678 SF layout and 485 new parking spaces. and donated gifts for a family of eight• Recreational Equipment Inc. (REI) will open its first store in Ohio at Rookwood Commons next fall. through Brighton Center’s adopt-a-family program. Colliers employees also• Penzeys Spices leased 3,124 SF of retail space at Hyde Park Plaza in Hyde Park. contributed food and personal care items to help provide supplies for the Brighton Center food pantry. More than• The restaurant formerly known as Cadillac Ranch was acquired by Restaurant Entertainment of Cincinnati LLC. The new owners, Jim Henning and Larry $2,000 was raised from individual and corporate donations Couchot, plan to revamp the facility with a new menu and upgrades to the bar. to provide gifts for the family and items for the food pantry.• Neyer Properties added two new retailers at Highlands Market Square in West We donated: Chester. Beaux Mondes Salon & Spa signed a 5-year lease for 4,050 SF and Title Boxing Club signed a 5-year lease for 4,300 SF. • More than 100 canned goods • More than 25 boxes of cereal• Izzy’s posted an 11% increase in sales and hopes to expand outside of the Greater Cincinnati area. Possible expansion locations in 2012 include • 30 varieties of household cleaning supplies Louisville, Lexington and Indianapolis.• The old Heritage Restaurant on Wooster Pike will be converted into a banquet “Knowledge That Sells” is a monthly publication compiled and facility and brew pub. The 184-year-old building will undergo a $500,000 renovation and should be open by this summer. researched by the market research department at Colliers International. For more information, or to be added to the• Morton’s Restaurant Group Inc. is being sold to Tilman Fertitta for $116.6 million. The sale will be complete by February. subscriber list, please contact Brian Graham at brian.graham@ colliers.com.• Massage Envy leased 7,229 SF of retail space at Kenwood Place in Kenwood.• Snap Fitness opened its fourth Northern Kentucky location in Walton at the COLLIERS INTERNATIONAL Richwood exit. Greater Cincinnati• Wine Guy Bistro will open a 6,400 SF restaurant along Freedom Way at The 425 Walnut Street, Suite 1200 Banks by the end of March. Cincinnati, OH 45202 513 721 4200 Fax 513 721 0630 www.colliers.com