1. Knowledge That Sells
July 2012
General News
• construction of a second office complex west of Nationwide Arena
• Central Ohio is home to the third-highest number of hospitality and leisure
Nationwide Realty has yet to get the 298,000-square-foot office
industry jobs in the state, with 88,300 jobs. Recent reports indicate the
complex set for 240-290 W. Nationwide under construction. That
pace of growth forecast at 8 percent, between 2008 and 2018 will be
six-story property will have Columbia Gas of Ohio as the anchor office
double the expected rate of growth in all jobs in Ohio.
tenant when the building gets delivered as early as mid-2014.
• According to an analysis of federal data, the financial sector accounts for
• Bob Evans Farms Inc. has sold the 145,000 square foot, 27 acre
more than a quarter of total output of goods and services in Columbus with
Southland Mall property on the city’s south side to ECOT, the building’s
nearly $23.6 billion of Columbus’ $93.4 billion gross metropolitan product in
primary tenant, for $2.95 million. ECOT already occupies about two-
2010.
thirds of the former retail mall at 3660 S. High St., where it has leased
space since opening in 2000. Bob Evans will lease the remaining third
• McGraw-Hill Construction reports that the eight-county Central Ohio region
of the building until it completes its headquarters move to New Albany
saw residential and nonresidential construction contracts increase by
in 2014.
17 percent, while the pace of improvement was slower notching a 5.8%
increase. Central Ohio has fallen behind last year’s pace through the first
• Bob Evans broke ground in April on its new headquarters in New
five months of the year.
Albany, where it bought 40 acres. The company received a $3 million
low-interest loan to help finance the $34.8 million project.
• Ohio State University trustees unanimously approved the parking lease of
QIC Global Infrastructure and Laz Parking Ltd last month. Officials have
• An affiliate of Strathmore Development Co. is now in control of
already documented how the $483 million up-front payment to privatize
the Creekside Gahanna development project, and is quickly pushing
campus parking operations is projected to grow to $8.9 billion – $4.9 billion
ahead with lease extensions and commitments from at least two new
in the pot after $4 billion spent – over 50 years.
businesses. The company closed on its $10.5 million purchase of the
Office
privately held portion of the project that now includes three privately
owned office buildings, stores and condominiums. It will cost $60
million to finish the development of Creekside.
• City Barbeque Inc., a Dublin based barbeque joint, has moved its headquar-
ters to 6175 Emerald Parkway, closing a year-long pursuit for a bigger home
office. The company paid $730,321 for the 5,000-square-foot space. The
previous offices on Riverside Drive were around 3,500 square feet. City Industrial
Barbeque received incentives from Dublin to stay in the city with an income
tax benefit that is projected to save $45,000 over five years and a $7,500 • Arminak & Associates, a specialty packaging producer has chosen
grant. the New Albany Business Park for a $4.5 million manufacturing plant,
joining other Limited Brands Inc. suppliers in the park’s Personal
• American Family Mutual Insurance plans to shut down a claims operation in Care and Beauty Campus. They plan to lease a 65,000-square-foot
Westerville. 50 workers will lose their jobs when the office at 550 Polaris production facility after receiving approval for a seven-year, 50 percent
Parkway is closed in the third quarter. credit through the Ohio Tax Credit Authority.
• Hometown Urgent Care, Ohio’s largest chain of walk-in clinics with five • A long-vacant warehouse in the old Hamilton-Parker Co. complex west
Central Ohio locations, announced it has sold a majority stake to a North of the North Market is coming down to make way for a parking lot and
Carolina private equity firm and moved its headquarters from Dayton to 1105 “pocket park.” The demolition of the 50-year-old, 10,000 foot storage
Shrock Road in Columbus. building at 108 W. Vine St. follows 10 years or more on the market
without any takers.
• Dublin City Council approved economic development incentives for Bound
Tree, a medical products company that plans to move 55 jobs from California • Nationwide Realty outbid Textbooksrus.com LLC, a used-book
to its headquarters in Central Ohio. The additional workers will increase marketer, at an auction for a Grandview Heights industrial property
Bound Tree’s employee count at its 35,000-square-foot Dublin headquarters located at Builder’s Place Property off Trabue Road. The winning
at 5000 Tuttle Crossing Blvd. to about 200. bid was $1.28 million for the 34,236-square-foot leasable structure.
Textbooksrus.com LLC will need more space in early 2013 beyond the
• Columbus City Council voted 6-0 on emergency legislation approving up warehouse it bought in 2009 nearby on Avondale Avenue off Goodale
to $94,000 as a reward for the environmental friendly design of an office Boulevard.
building now under construction at 10 W. Nationwide Blvd. and the planned

2. • Redevelopment of the Westerville Square Shopping Center began
mid-June. Wal-mart will be the anchor tenant among a dozen tenants
that will stay while construction takes place. Five vacant storefronts
• The Rickenbacker International Airport infrastructure project has been ap- to market as the developer renovates the remaining 75,000 square
proved for $16 million in federal transportation funding. The funding will pay feet will be marketed during Wal-mart’s construction. The 108,000
for a planned east-west connector linking the Rickenbacker logistics hub with sq. ft., $16 million project is expected to be completed in 2013.
Route 23. The upgraded intersections will allow trucks to safely and efficiently
reach U.S. Route 23 and then continue onto Interstate 270 and Interstate 71.
• Among the wave of new tenants coming to the Shops at Worthington
Place is the new-to-market restaurant Pies & Pints. Owners expect
Development
the 4,500-square-foot Worthington Place restaurant could be open by
November. Pies and Pints envisions to expand further in Central Ohio
with five more restaurants.
• Redevelopment of the former Wonder Bread Factory has begun construction
• Easton has more than 70,000 square feet of new tenants arriving
since demolition completed. The Wonder Bread Lofts at 697 N. Fourth Street
this year, including stores from Louis Vuitton, Michael Kors, Sephora
will be transformed into 56 apartments through a $5 million reconstruction
and Columbus-based Homage. New restaurants include the Flip Side
project. The redevelopment will include a 2,400-square-foot space for a
burger joint, and the 8,000-square-foot Brazilian steakhouse Texas de
restaurant or cafe as well as a 7,000-square-foot event area for catering
Brazil, scheduled to open later this year.
companies and event operators.
Also at Easton, Brio Tuscan Grille is getting a makeover. AMC Easton
• National Church Residences plans to double its housing for military veterans
Town Center 30 is converting 13 of its cinemas to accommodate
at 3341 Livingston Ave. in Columbus. Construction of the $6.4 million, 50-unit
in-theater dining, and retailers Express Inc. and Victoria’s Secret are
addition at the Commons at Livingston is set to begin in September and be
making changes to their flagship stores. Construction is also under
completed in mid-2013. Separately, National Church Residences expects to
open its Commons at Third at 1280 Norton Ave. near Grandview Heights in
July. The 100-unit project will offer supportive housing for the homeless and
disabled.
• PharmaForce Inc. founders, Peter Stoelzle and Michael Medorsare are
currently working on a $21 million project in New Albany that’s expected DORSCH EARNS CPM DESIGNATION
to create 110 jobs within five years. As of now they have identified a site
on Walton Parkway where they may build a 43,000-square-foot research
Senior property manager Aaron Dorsch was
and development center for their latest company, Venture Therapeutics Inc.
Venture’s focus will not be on generic drugs, but rather new-drug discovery. recently awarded the CPM designation. The
CPM designation is given by the Institute of
• Ohio State University’s Wexner Medical Center is feeling a space crunch as
Real Estate Management and recognizes the top
it waits the next 2½ years for 420 beds to open in its 20-story expansion.
While revenue is growing and the bottom line shaping up to beat the 12 property management experts in the industry.
months that ended June 30,2011, the hospital system through the first 10 The designation is earned through rigorous
months of this year discharged fewer patients than last year and was missing
aggressive growth targets for outpatient visits and finances. education criteria, a certification examination
on skills and ethics and a plethora of other
• Panera has opened four new sites this year, including the largest Panera in requirements such as an interview process with the local IREM chapter.
the nation at 8,000 sq. ft. near the Ohio State University, and has at least
CPM Members are recognized as experts in real estate management.
seven more on tap before the calendar flips to 2013. Planned openings this
year include sites in the Brewery District, the revamped Shops at Worthington Dorsch has over seven years of experience in financial analysis, with the
Place, at a new retail plaza at West Third Avenue, and Olentangy River Road majority spent in the property management industry. He is a motivated
near Lennox Town Center. The growing fleet is going to lead to more office
and hard-working professional with a strong background in accounting,
needs as the Central Ohio Panera franchisor looks to expand at Bethel or look
for new offices. real estate financial analysis, and property management.
Retail
“Knowledge That Sells” is a monthly publication compiled and
researched by the marketing and research team at Colliers
International in Ohio. For more information, or to be added to the
• The Apple Store at Easton may be moving to a larger space, near Nordstrom
and next Brighton Collectibles. With annual revenue up 27% per store, an subscriber list, please contact Leslie Hobbs, Director of Marketing
upgrade could be long overdue. | Ohio, at leslie.hobbs@colliers.com.
• Suffern, N.Y.-based Ascena Retail Group Inc. will close 600 Fashion Bug
stores by early 2013. Fashion Bug operates five Columbus area locations,
including locations in Reynoldsburg and Lewis Center. Its three Columbus
stores are: 3646 Soldano Blvd., 3849 S. High St. and 5733 Emporium Square. COLLIERS INTERNATIONAL
Greater Columbus Region
• Polaris Towne Center owner Developers Diversified Realty has snagged
Two Miranova Place Suite 900
the former Hoggy’s restaurant building near Polaris Parkway and Sancus
Boulevard six months after it bought the neighboring 713,000-square-foot Columbus, OH 43215
retail center. The 442-seat restaurant building on a 2.1-acre lot sold June 1 phone 614 410 5600
for nearly $2 million. fax 614 436 9700
www.colliers.com