A New Urbanism concept is set to rise on 1,000 acres in Orange and Berlin Township. While not yet formally approved in its entirety by the Orange Township trustees, all three have expressed strong interest in the project. The rezoning from agriculture to commercial has been approved.
The new community will begin just east of Olentangy High School and stretch all the way to Alum Creek State Park on the east and eventually all the way north to Berlin Township. The 450 acres in Berlin Township could be a few years off until construction begins.
The goal of the family who owned the large farm was a vision to create a community very different than anything else in Central Ohio using the concept of the New Urbanism movement. New Urbanism calls for walkable, self-contained communities with homes set close to the street, including large usable front porches, walkable local retail, restaurants and services. Garages will be side entry or from the rear.
This rather fantastic concept got started about six years ago when the family who owned the farm approached developers, Dan Griffin and Tony Eyerman, about doing something really unique on the land versus just more single family housing. The family’s decades long goal was to create a real community center for Orange Township simliar to historic Uptown Westerville, Old Worthington, Grandview, etc. The project will be named Orange township Town Center.
There will be small local retail, cafes, small restaurants, bakeries and a YMCA, but no big box stores or large anything. Also planned is a new elementary school to be part of the Olentangy School District.
On Wednesday, April 6th, the Sunbury Village Council unanimously approved rezoning for 250 acres as part of the 1000 acre retail, residential, office mixed use development Northgate Centre from agricultural to commercial.
The rezoning decision was passed as an emergency. Many residents expressed concern at the measure passing as an emergency, but village attorney, David Brehm said that removing the emergency clause was not an option.
Reason being that Ohio DOT had no plans for modifying or improving the existing interchange at I-71 and US Route 36 / 37, leaving a new interchange just south of the existing interchange as the only option. Ohio DOT had long planned an additional interchange somewhere from Big Walnut Road up to just south of the Route 36 interchange.
The village attorney said passing the ordinance as an emergency measure would help facilitate the process of approving the new interchange and without the development there wouldn’t be the funding to build the interchange and without the interchange there wouldn’t be the development.
The site now rezoned will become part of the giant 1,000 acre Northgate Centre mixed use development to include triple net retail, net lease restaurants, car dealerships, office, warehouse and and athletic fields and faculty.
The Northgate web site states that the development will encompass.
1,036 acres of a mixed use commercial site.
1,500,000 to 3,000,000 sq ft of retail and office use. 300 acres of warehouse/distribution development providing up to 10 million sq ft of warehouse distribution space.
6-8 hotels with approximately 600-1000 rooms.
Total payroll of retail, office, and hotel use: $76 million.
Sales tax revenue of over $58 million per year.
Destination Auto Mall with 4 to 6 new car dealerships.
60 acres outlet/lifestyle center, 400,000 sq ft, with over 5 million visitors per year, creating an excess of $250 million in Sales yearly.
COTA and DATA Drop off sites to provide bus transportation within Franklin and Delaware County.
Preliminary lease up will happen far ahead of anything ready for occupancy so if you’re interested in any of this Delaware County Ohio / Sunbury NNN, triple net retail space, feel free to contact me, Scott Harris Realtor at 614-905-6614
According to Zillow, the real estate database company, this “college town” is booming with regards to new apartment construction and fast lease up with rapidly rising rents. Some of us would consider Columbus a bit more than just a college town, given that there’s over 2 million folks in the metro. True though, that around 110,000 are college students.
It’s not just OSU undergrads that are driving this market. The outer ring suburbs of Dublin, Powell, Worthington, Westerville and New Albany are also doing well. The newest most expensive class-A units are doing the best with the downtown, which is almost all new, with a 96% occupancy rate.
The unfortunate factor for the Columbus commercial real estate agents is that there’s virtually nothing for sale. The acquisition costs are so low and rents so high that no one sells. The good is that the residential demand also bring more NNN triple net lease retail and restaurant demand. That just happens to be what I do. Net lease retail and restaurant leasing, and NNN triple net retail single tenant investment property for sale, mostly for 1031 exchange uplegs.
As always, if you have any questions, call your nnn, Columbus triple net retail specialist, Scott Harris, 614-905-6614.
It’s been a while since we’ve taken a look at the progress in Rick Caruso’s reimagination of the old downtown retail section of Pacific Palisades.
I saw some new illustrations of the retail area in Urbanize LA yesterday and thought it would be a good time for an update on this project that’s expected to be complete in late 2017. The new space was designed by Elkus Manfredi Architects
Much of Caruso’s fame comes from The Grove and the Americana at Brand so Palisades Village will also look like reinvention of small town main streets.
It hasn’t been announced how much addition net lease retail space will be available in the new downtown, but what is known is that there will be substantially more parking for that retail due to a new two story underground parking garage under the new park plus surface street parking that will see a change from parallel to diagonal. Plans for a new specialty grocery are in place plus there will also be a five screen movie theater to replace the long closed (38 years) Bay Theater.
The new retail shops and restaurants will be arranged around a pedestrian friendly Swarthmore Ave with wider sidewalks and traffic reduced to one lane.
As always, if you’re interested in some of the NNN-Properties, net leased, triple net retail space, feel free to contact me, Scott Harris, 310-473-4789 and we’ll see what we can do to get you in the queue.
Santa Monica California Planning Commission voted 6 – 1 to recommend that the full city council approve this seven story 249 market rate apartment with ground floor triple net retail restaurant complex at 5th and Broadway on the old Fred Segal property.
This is sure to upset the fierce Santa Monica commercial real estate NIMBYs who want anything over 32′ in height to go to a public vote so the 6 – 1 vote from the planning commission is quite a surprise. That being said, it hasn’t passed the full city council yet. However, a 6-1 vote from the planning commission is a real good indication that it will.
I think the two factors that helped with the Santa Monica commercial real estate vote was the proximity to the soon to open Santa Monica Expo Line station and the agreement to provide 64 offsite affordable housing units at 1626 Lincoln.
The new complex, 500 Broadway, will include 68,000 square feet of nnn triple net leased retail and restaurant space and the possibility of a grocery store, 249 market rate apartments and an underground parking garage with 524 spaces.
Architects are Koning Eizenberg.
The project is still a ways off, but if you want to get in line for some of the 68,000 square feet of net nnn leased retail space for lease in Santa Monica or restaurant space, I would be happy to help. Contact me, Scott Harris Realtor, at 310-473-4789.
The Glendale California Community Development Department has released new detail website regarding its plans to build 24 acres of park land on top of the trenched section of the 134 through downtown Glendale.
The new ¾ mile freeway cap, estimated to cost $150 million, will stretch from downtown from Central to Balboa. The segment of the park between Central to Louise Street will serve downtown Glendale and provide a venue for outdoor concerts, farmers’ markets, and new nnn net leased space for restaurants.
East of Louise it will be a neighborhood park with a focus on recreational facilities, community garden, dog park, children’s play area.
The cap will also reunite long divided parts of the city that have been divided since the 134 was built 40 years ago.
This will be a long time coming as construction is not expected to begin until 2020. The City of Glendale California will be funding the project with the help of public and philanthropic resources. It will be a couple of years before lease up of the nnn triple net retail or restaurant lease spaces begins.
After 10+ years of round and round with the Army Corps of Engineers regarding wetlands then the 2008 crash, Hamilton Quarter will be the name.
In far northeast Columbus and just east of New Albany on 320 acres of farmland will be Hamilton Quarter with 700,000 square feet of office, one million square feet of nnn, triple net retail, 800 multifamily residences and 130 senior residences. The project is a collaboration of Casto, The Daimler Group and The New Albany Company.
The project includes the long planned rerouting of Hamilton Road. From looking at the site map on the Casto site, I’m not sure what is happening with Dublin Granville Road whether it’s being routed around the project or right through it. As can be seen on the site map, the Columbus infatuation with roundabouts continues.
With most of the residential on development on the north side of 161, I’m not sure how they call this project ‘walkable’ and with most all of the big box retailers already on Hamilton Road just south of this project, and Easton not far away, what they going to do with one million square feet of retail.
The Hamilton Road reroute should be complete by early 2017 and ground breaking late this year. Preliminary lease up will begin soon so If you have interest in retail property for sale or lease in Columbus Ohio please feel free to contact me, Scott Harris, your NNN real estate agent, 614-905-6614
The Columbus Metropolitan Housing Authority just sold the Short North 11 story Bollinger Tower to Schiff Capital group for redevelopment into what’s likely to be hotel. Bollinger sold for $14 million. The building currently houses 100 residents in 100 units.
The hotel was constructed in 1984 for low income senior housing and is in otherwise in too decent a condition to tear down. Plus, if they did the NIMBYs would likely prevent them from building something this tall again. I think they’re far ahead to redevelop what’s already there.
The City of Columbus wanted to divest itself of high maintenance real estate and invest directly in the tenants by providing housing vouchers so the tenants can live where they choose. Given that the building housed low income elderly, I’m concerned about major disruption to lives where they might not be able to fend for themselves.
Columbus Underground reported that “Selling Bollinger Tower fulfills our long-term strategy to expand CMHA’s capacity to assist more residents,” stated CMHA president and CEO Charles Hillman. “This transaction furthers our plan to divest ourselves of high-maintenance real estate in order to invest directly in people’s lives. Residents will receive portable housing vouchers enabling them to live in apartments of their choice in neighborhoods of their choice.”
And “I certainly understand how the perception of gentrification is a concern,” said CMHA COO Bryan Brown. “Do we have an obligation to provide low-income housing in a high-cost neighborhood? Sure. But we also want to expand our mission and help serve three times as many residents as we currently do at Bollinger. And if you think about the need for more hotel capacity, which provides economic development for our city, converting Bollinger to a hotel is a big plus for the city as a whole. On balance, it’s a big win and I hope people see it that way.”
There’s no decision yet regarding ground floor net lease retail or restaurant space, Frankly, that’s what Columbus commercial real estate agents want to learn about, including me. If you’re interested in retail or restaurant space, I’ll do my best to get answers. Contact me, Scott Harris, Realtor, 614-905-6614
Given the glut of triple net retail, single tenant, S&P BBB rated or higher, replacement properties that have come on market over the last couple of weeks, we have plenty of net leased Walmarts, Walgreens, CVSs, 7-11s, etc. available, and at decent cap rates with long 10+ year leases.
These are as perfect a 1031 replacement (upleg) property as we find so I thought it might be a good time to go over the four primary 1031 rules.
Rule # 1 Both the relinquished property and replacement property must be held for investment purposes or used in a business and be ‘like kind’.
Rule # 2 The IRS requires the investor to identify the replacement property or properties within the 45 ‘identification period’. The identification period begins the day of closing of the relinquished property. The replacement properties must be properly identified by the Exchanger.
There are two more identification rules under Rule #2. The exchanger may identify up to three replacement properties regardless of market value (Three Property Rule). Or they may identify unlimited number of properties provided that the total value not exceed 200% of the relinquished property (200% Rule). The minimum requirement is 95% of the value of the relinquished property
Rule #3 You must close on the replacement property the earliest of within 180 days of the closing of the relinquished property or the due date of the tax return or file an extension. And this is 180 calendar days … no time off for weekends or holidays.
Rule #4 On a delayed exchange, you must work with an IRS approved Qualified Intermediary.
I had a blog site crash earlier this week, but got back it and running much faster than I thought I could. I will be hiring some professional help to assist me in keeping the technical side up to date, but I’ll still be writing my content.
Expect some hiccups over the next few weeks while they’re working on it, but other than that, I’m still here.
There is a real bumper crop of new opportunities on the market right now for net leased retail 1031 uplegs. These are all new opportunities that have come on market in the last week.
It’s not unusual to see many triple net retail single tenant properties come on the market at this time of the year, but this year it’s unusually strong. Plus, it’s very high quality net lease properties as we’re talking Walmart, Walgreens, CVS, all credit tenants, S&P BBB or above.
Are you in your 45 day identification period? Have you closed your down leg yet? If you have a 1031 downleg about to close and you need a replacement property, now is a great time.
If you have any questions, you can reach me, Scott Harris, at 310-473-4789 or 614-905-6614
The current Los Angeles Convention Center. although not that old compared to many in the country, is badly out of date. The convention business is big money and very competitive.
Plans to update the current convention center never seemed to work out in the past. The latest was an plan for LA Live developer, AEG, to do a massive remodel and expansion as part of the NFL stadium that was to built nearby. When that failed, Los Angeles decided to hold a design competition to do it themselves. They selected a design team headed by HMC Architects and Populous. LA also approved a $470 Million bond funding plan.
Now they’re considering shelving that plan and going much bigger through a public / private partnership. The City of Los Angeles will hand over the project to a well qualified private developer to finish it off.
This will breed more Los Angeles downtown net lease retail and restaurant development. That’s where we Los Angeles commercial real estate agents and brokers come in. It also means even more hotels and high rise multi unit development as if LA doesn’t have plenty of that in the pipeline already.
Los Angeles has turned into one great development after another. This is exciting stuff.
Although it’s been scaled back a bit during the Victorian Village Commission approval process, the Borror Properties development 2nd and High Street is ready to roll with construction beginning in summer 2016.
Final details such as lighting, signage and colors have yet to be approved and will be during the permitting process.
During the commission’s January 14th meeting there were still a number questions and concerns about the details for the garage. All of that will be worked out during the permitting process.
The approved building will be six stories along High Street with eight stories toward the back. Also approved are 98 apartment units with 12,000 square feet of office space on the second floor and 11,000 square feet of ground floor retail and restaurant space.
A parking garage with half of the spaces for public use will be part of the project. That’s hugely needed in the north Short North.
If you’re interested in leasing retail or restaurant space in the Short North, I would be happy to work with you, Contact me, Scott Harris at 614-905-6614.
The Patrick J’s property at 2711 N High Street has been purchased by Borror Properties a couple of weeks ago. Patrick Js also closed at that time. The developer, Borror Properties, plans to combine the Patricks Js parcel with the old White Castle property to the north at 2725 N High for a larger development.
Doug Borror, at this time isn’t quite sure what he’s going to do with it, but when they do decide, the parcels present some unique challenges.
Working with one group of NIMBYs is difficult enough, but in this instance there will be two. The old White Castle property will be the Clintonville Area Commission and the old Patrick Js will be University Area Commission.
I’m sure it will be another mixed use project like everything else is, with ground floor retail and upper level apartments or condos. In that ground floor retail, maybe we’ll get a couple restaurant spaces as that would make all of us Columbus commercial real estate agents and brokers very happy. We sure need the restaurant lease space.
On the LA Rams YouTube page is a video fly through of the new NFL stadium that I thought might be of interest to a few of my readers.
The new $2.5 billion stadium is supposedly the most expensive in the world. It features a see through roof and seats for over 70,000 plus standing room only for 100,000.
It will be another couple of years before the stadium is complete so the video will have to do for now. Stadium was scheduled for completion in 2018, but due to El Nino they are considering delaying construction until May or June of 2016, delaying completion until 2019.
A big benefit, in addition to the first NFL team in LA in a very long time, will be a major increase in commercial development in the area, from new single family residential to condos and apartments, and of course new Los Angeles triple net retail and restaurant space for lease.
It’s a little too early to start thinking about lease-up for retail or restaurant space at the stadium, but if there’s is anything else I can help you with near the future stadium, call me, Scott Harris Realtor at 310-473-4789.
Continental Realty presented a proposal to Downtown Commission on January 26th to tear down a six and two story building at Long and Fourth that are over 95 years old to be replaced by a ten story mixed use building complete with a parking garage, apartments and ground floor retail.
As always Columbus commercial real estate agents will be please to learn of new supply coming online. That’s a big issue … not enough downtown restaurant and retail space for lease. Of course not only downtown, but most of the North High Street corridor.
The existing property and buildings at 174 and 182 East Long Street are owned by the city of Columbus and currently house the Central Ohio Area Agency on Aging.
The city of Columbus had already been in discussions with Continental Realty regarding a 15 story mixed user on the site, but decided on request for proposal for the site, and as we know, Continental’s proposal was the winning bid.
If you’re interested in leasing net lease retail or restaurant space fell free to contact me, Scott Harris Realtor at 614-905-6614
Currently if a foreign person sells United States real estate the buyer is required to withhold 10% of the gross sales price and remit this to the IRS. However pursuant to the Protecting Americans from Tax Hikes Act of 2015 closings as of February 16, 2016 the FIRPTA will increase in most instances from 10 to 15%.
Congress created FIRPTA based on reports that foreign investors were purchasing U.S. real estate and then selling it at a profit without paying any U.S. taxes. Consequently, FIRPTA created a requirement forcing buyers to withhold 10 percent of the purchase price and remit it to the Internal Revenue Service at the time of closing, subject to a few exceptions.
The settlement agent is the party that withholds and remits the funds to the IRS, but the buyer is legally responsible.
A few exceptions are noted in the below. First is that at a sales price of $300,000 or less and buyer acquires as a principal residence there is no withholding. Second is a sales price of $300,000 to $1,000,000 and the buyer acquires as a principal residence the withholding is 10%.
Other exceptions are:
No withholding is required under the following additional circumstances:
• Seller provides Non-Foreign Affidavit
• Seller provides a Withholding Certificate from the IRS which excuses the withholding
• The amount realized by the seller is zero
• The property is acquired by the United States or a political subdivision thereof
We’ve been hearing rumors for a very long time, and now that plans have been filed with the City of Los Angeles, we’re seeing the first illustrations of the planned 60 story mixed use monster. It’s to be built on the old car wash site across from LA Live and will include hotel, residential condos, office, retail and restaurants.
Although the building looks so thin that a good wind could blow it over, it will house 374 residential units, 373 hotel rooms, 33,000 square feet of office space and more than 65,000 square feet of downtown Los Angeles retail and restaurant space. Once again, making Los Angeles commercial real estate agents very happy to have new inventory available.
Car wash owner, Robert Bush, sold for $25 million in 2014 to developer Ben Neman who was the buyer and is the developer. Car wash owner paid $515,000 for the site back in the 80s.
Plans were just filed with the City of Los Angeles by architectural firm Nardi Associates. Illustrations show how this is going to look. Nardi describes it as a giant urban tree with its diagonal grid like design complete with open air atrium, LED signs and live plantings.
Preliminary lease up will begin as soon as they get final approval so if you’re interested in the retail or restaurant space, feel free to give me a call, Scott Harris Realtor, 310-473-4789.
The five acre Martin Cadillac GMC dealer that’s been on the corner of Olympic and Bundy for 40 years will soon be replaced by a big new seven story 516 residential unit, apartment and or condo complex, and 10 story office with 81,000 square feet of net lease retail restaurant space plus three levels of underground parking for 1,876 parking spaces.
Los Angeles and Santa Monica commercial real estate agents will be happy to have some new net leased retail and restaurant space for lease.
The south side of the property along Olympic will see a new ten story office tower with 192,000 square feet of office space and 26,000 square feet of retail at street level.
This will be one block from the Expo Line extension in West Los Angeles.
Current owner, Dana Martin and family, will be the developer.
The new Cadillac GMC dealer will occupy the southeast corner of the ten story office tower. I bought five cars from them over the years so I’m happy to see that they’re continuing in the new building.
If you have interest, I’ll be happy to help. Call me, Scott Harris Realtor, 310-473-4789.
The Columbus commercial construction update, brought to you by Walker Evans at Columbus underground, highlights both existing and new projects in and around downtown Columbus.
Columbus commercial real estate agents / commercial Realtors will be very happy to see this new product coming online. Although it means new commercial construction, but in many instances, not new as in additional retail space. We need additional retail and restaurant space for Short North, OSU area and Clintonville.
Anyway, back to the update. Notice that the Nationwide Insurance building is well on its way for completion and occupancy for March on 2016.
The Edwards Communities develop between eighth and ninth south of campus is coming along nicely helped by the very mild weather we’ve had so far this winter.
What’s nice with this one is that there’s going to be 23,000 square feet of new, additional, net leased retail space with two or three restaurants.
Below are the links to Columbus Underground’s commercial construction update