Urban Triple Net Retail / Restaurant / Office and Multiunit Development in Columbus for 2017 and Beyond

I read a very interesting piece in Columbus Underground the other day regarding the massive number of construction projects in the pipeline or proposed in the Columbus downtown and surrounding area. It’s a healthy mix of Columbus triple net retail, restaurant and office with about a third of it multiunit residential.

I’m not going to go into too much detail because that’s what the links to Columbus Underground are for.

http://www.columbusunderground.com/32-urban-development-projects-completed-in-2016-bw1

Most of the activity was in downtown, which is the best way, IMO, to grow this city. If you don’t have a strong healthy urban core, you won’t have much else.

The renovation of the Leveque Tower is almost complete with the hotel to open shortly and apartments by the end of the year.

Main library opened this year along with the Parsons branch.

The renovated Lazarus building on the Scioto Peninsula reopened as office.

Next was the Short North with many new projects complete and opened, but this is dwarfed by the projects in the pipeline for 2017 and beyond.  Some of the highlights are  the Diplomat at Buttles and High and the Jerome on Dennison Avenue. on Burwell Court, 25 Jeffrey Park.  Also Westminster Thurber completed a major addition to their senior community in Victorian Village.

More exciting is what’s under construction now for 2017 or early 2018 from the new Veterans Memorial to Two25. Much more Columbus Retail / restaurant space is on the way for all of those who have been calling, but with no space for them.  Finally we’re going to have some supply.  This couldn’t make Columbus commercial realtors and brokers any happier.  Columbus commercial real estate agents can get started leasing this space up now..

http://www.columbusunderground.com/55-urban-development-projects-under-construction-in-2016-bw1

Some of the highlights for 2017 are:

http://www.columbusunderground.com/two25-commons-bw1 ,

expansion and renovation of the Columbus Convention Center.

Madison mixed-use redevelopment,  National Veterans Memorial and Museum.  See the Columbus Underground article for the remainder and it’s an impressive list.

Even with the above, the best is yet to come with what is currently proposed, from Millennial Tower to the 35 story tower proposed for North Market and the great project for 2nd and High in the Short North.

http://www.columbusunderground.com/65-urban-development-projects-announced-in-2016-bw1

Millenial Tower and proposal for the North Market parking lot are two of the many many high profile, triple net retail, mixed use projects proposed for 2017 and beyond.

As always, if anyone is interested in any of these opportunities, please feel free to contact this Columbus commercial real estate agent, Scott Harris Realtor, 614-905-6614.

35 Story Wood Schiff Project One of Three Finalists Chosen for the Columbus North Market

As 2016 wraps up I have to say that my favorite commercial real estate proposal for the year in the Columbus and Central Ohio market is the Wood / Schiff 35 story North Market proposal. Of the three finalist proposals, this is clearly my favorite. https://media.bizj.us/view/img/10284225/north-market-woodschiff.pdf

Finally some height and density with Columbus triple net retail, restaurant, office and some more residential with 180+ new units for rent. This will make Columbus commercial real estate agents very happy to have some more net lease retail and restaurant space for lease in the Arena and Short North Districts.

Spruce Street will also be re-imagined from a street that’s occasionally closed for special events to one that’s an outdoor venue occasionally open to vehicular traffic.

Market Tower. 35 Stories of Columbus Residential Office and Retail Commercial Real Estate for Lease.

Project features retention of the current North Market building and adds a Grand Atrium to connect the market with the tower. There will also be a 5,000+ square feet expansion of net lease food services retail space for the market within the Grand Atrium.

Developers Wood / Schiff describes the ground floor of Market Tower as open and porous with as few interior walls as practical and possible to opens views across the floor. To reinforce this they’ve designed a second floor that’s also as open as possible and overlooks the Grand Atrium and East Wing.

The second floor will also include several polished casual net lease restaurant spaces plus co work incubator spaces for food related startups and possibly a cooking mixology school. Arts and crafts vendor spaces are also a possibility.

The third floor will be one of two parking levels with the other being underground.

Fourth floor is set in fifteen feet from the lower floors creating a outdoor terrace all the way around the building. This floor and the fifth will be designed as a multi-tenant office floor with all office suites having access to the outdoor terrace.

Sixth floor will be half office and half restaurant with a large outdoor terrace. At this level the view will clear the Vine Street parking garage providing an unobstructed view of downtown.

Seventh floor will be a private terrace, health club, spa, pool, etc., for the Market Tower residents.

Hopefully, NIMBY protests won’t reduce this proposal to six or seven stories as is often the case. This is a mega cool proposal in my opinion and needs to get built. Out of the seven proposals, Columbus choose this one as one of the three finalists so it has a chance. The finalist will be chosen in February 2017.

columbus downtown restaurant space for lease

 

The Auto Parts Segment as a Net Leased Investment Strategy

At this point in the economic cycle it’s good to look for more recession proof businesses as your tenant in a net lease investment. Specifically, with regards to the auto parts segment, the last recession took a huge bite out of new car sales and the next one will do the same.

Typically, the economic cycles run 12 -14 years peak to peak and trough to trough so we’re about due for another downturn. I don’t think the next one will be anywhere close to the viciousness of the last mostly because credit markets have been restrained throughout this recovery.

High unemployment and stringent credit markets decimated new car sales during the recession. As a result, the average vehicle age increased year after year. Older vehicles need parts replaced, and with limited income most car owners are forced to buy the part and replace it themselves.

There are four major and one smaller players in the segment. First is Advance Auto, founded in 1929. Second is Auto Zone.  Third is NAPA, founded in 1928.  Fourth is O’Reilly’s, founded in 1957.  And the fifth slightly smaller player is Pep Boys.

The players in this segment of triple net retail investments have targeted a more low to middle income, working class, blue collar type areas and neighborhoods. Also population growth will increase the number of cars on the road and continue to drive demand for auto parts

Net lease assets such as these fill a highly desired price range, generally trading between $1.0M – $2.0M. Additionally, the typical big four Auto parts store lends itself to a wide array of reuses in the unlikely event of a vacancy as these are a big rectangular box on one to two acres of land. Pep Boys tend to be even larger and with service bays which allows so advantages concerning depreciation with cost segregation.

Whether it is a Columbus Ohio triple net retail opportunity, Santa Monica triple net retail or anywhere in between, It’s time once again to take a serious look at this segment.

For triple net retail, nnn, net lease commercial real estate for sale for 1031 exchange or purchase

If you’re in a 1031, these are relatively easy to locate on short notice (within the 1031 exchange 45 day identification period). If you’re interested in pursuing this segment as a NNN net lease buying opportunity, I would be happy to help.  Contact Scott Harris Realtor at 614-905-6614

New Mega Development for Los Angeles In South LA

It wouldn’t be a new day without another announcement of a large new mixed use project in Los Angeles, and this project won approval already from the City of Los Angeles Planning Commission. This one is a little different given that it’s slated for South LA, just south of the 10 bordered by Washington Blvd on the north, 21st on the south, Main on the east, and Hill St on the west. South Broadway runs through the middle of the project.

The project, West Block and East Block, will encompass two full city blocks that are now mostly surface parking lots.

The West Block will keep the existing structure named the Reef, which is a 12 story building that serves as a creative space for artists and entrepreneurs. Next to it will be a new 20 story hotel with 208 rooms with typical amenities.  Also a nine story structure with 100 apartments will be built.  The West Block will have a public paseo named “The Exchange” running between Broadway and Hill with triple net Los Angeles restaurants and net lease retail space for lease.

The East Block will feature two medium rise structures with a 32 story building with 428 condos and 14 live / work spaces. The taller of the two buildings, a 35 story tower, will feature 453 apartments.  The block will also have a paseo named “The Strand” stretching from Main to Hill.

Net lease Los Angeles retail shop space for lease plus cafe and restaurant space will line Broadway, Washington, Hill and 21st.

It’s just one more amazing project for the City of Los Angeles with plenty of retail and restaurant space for lease to keep local Los Angeles commercial real estate agencies happy. So potential tenants or buyers, if you’re interested in Los Angeles commercial property for sale or lease, give me a call, Scott Harris Realtor, 310-473-4789 and we’ll see what we can do.

http://la.curbed.com/2016/8/11/12441568/the-reef-south-la-development-planning-commission

Los Angeles Exposition Park Mixed User – Retail Hotel and Apartments

I think I’ve started hundreds of posts with ‘large Los Angeles retail mixed use’ because I probably have. Well, here’s another one.

Across the street from the future Exposition Park soccer stadium will be a new mixed use complex named the Fig, that will include 55,000 square feet of triple net Los Angeles retail and restaurant space, 20,000 square feet of incubator / accelerator / co work space. Also planned will be a 21 story hotel and two seven story structures, one with 222 student apartments and the other with 186 mixed income apartments. 82 of the units will be moderate income.

The 21 story hotel would include 298 rooms. I haven’t heard anything yet on branding.

Developer, Spectrum Group Real Estate plans to tear down eight multiunit residential buildings on the 4 1/2 acre site.

This will be a great addition to the south side of the USC campus in Los Angeles and the newly available net lease retail / restaurant space with make Los Angeles commercial real estate agents very happy.

It’s probably a little early for lease up, but if you’re interested, feel free to contact me, Scott Harris Realtor at 310-473-4789, and I’ll see what i can do.

Los Angeles Commercial Properties for Sale or Lease

Columbus Short North UDF Site to be Rebuilt With Three Story Mixed User

Planned is a 42,000 square foot building to replace the UDF at 1st and High and the parking lot just to the south.

Elford Development has submitted plans to the Italian Village Review Board for a conceptual review for the project tonight, the 19th. No vote will be taken at this point.

The plans call for about half of the 42,000 square feet to used for office space. Net lease retail is slated for the ground floor. It’s likely to include a replacement for the UDF. The neighborhood frankly needs something like this. I don’t know about the classical music though. Maybe it will also survive.

The ground floor triple net retail will be on the southern end of the building. On the northern end will be two floors of restaurants facing the intersection of 1st and High.

There will be a small parking lot off of Pearl Street behind the building for 24 cars.

There are architectural renderings that look about like everything else that’s being built. Hopefully the Italian Village Commission will encourage Elford to spice the design up a bit.

Kaufman Doing Funky Franklinton Five Story Retail office Mixed User

Franklinton Five Story Retail office

Finally, there’s a bunch of action pending for Franklinton including this one. Planned by Brett Kaufman is 241 apartments with 50,000 square feet  of office space plus 30,000 square feet of Columbus nnn retail and restaurant  space. Plus, fitness space, both indoor and outdoor, public art, dog park, food truck court, co-working space. Also planned is a 560 space parking garage on the northwest corner of the site.

The Kaufman development will replace the one story National Office Warehouse at 500 W. Broad and replace it with the five story building designed by the architectural firm NBBJ that’s more contemporary than Kaufman’s buildings downtown . The proposal , to go before the Franklinton Area Commission tomorrow the 21st, reveals a funky and eclectic design sure to be a hit with the artistic and creative communities.

Kaufman plans numerous features that will mix public and private use of space creating a unique live / work experience for residents and office users similar to another area I work with regularly, Venice, California. This development, including the funky architecture, is very similar to the hot new and repurposed live / work space I see in the Venice Beach area for $1,000 to $3,000 per square foot and rents up around $70 per foot.

I expect this to be a catalyst that moves Franklinton long much faster than Short North. Lots of potential here.

If someone wants to take a crack at master leasing a bunch of space to create incubator / accelerator / co working space, this would be an excellent building to do it.

As always, if you’re interested in any of the retail or office space, feel free to contact me, Scott Harris Realtor, at 614-905-6614.

Pacific Palisades’ New Retail and Office Grove Ready To Groove

New Retail and Office Grove

Rick Caruso, developer of the Grove and Americana at Brand received final approval yesterday from Los Angeles City Council to start immediately on the rebirth of downtown Pacific Palisades to be named Palisades Village. And what I mean by immediately is that they’re starting on relocating storm drains on the 27th of this month, June 2016.

There’s no question that the retail restaurant section of downtown Pacific Palisades is looking pretty bad so according to the Palisades News support is running about 9 to 1 in favor.  Generally NIMBYs are automatically opposed to something this.  No question that the current Pacific Palisades has lost its mid century charm and need a reboot and refresh.

The Project with Sunset on the south and then Monument, Albright and Via de La Paz on the east north and west will encompass three acres.

Included will be eight new buildings and a park, net leased retail, restaurants, offices, community room, specialty grocery, bank, plus restoration of the Bay Theater. There will be three levels of underground parking with 560 spaces.

This is a hugely useful and needed project and I expect a great result given who is the developer. If you’re a retailer or restaurateur and interested in triple net retail or restaurant space, give me a call, Scott Harris Realtor at 310-473-4789

New Los Angeles Rams Stadium Spurring Major New Los Angeles Triple Net Retail and Residential Development

New Los Angeles Triple Net Retail and Residential Development

The new Rams stadium at Hollywood Park in Inglewood is stimulating massive new development such as 3,000 new residential units and 620,000 square feet of new nnn retail and net leased Los Angeles restaurant space.

Talk about a way to keep Los Angeles commercial real estate agents happy! It’s nice to have addition new net leased retail and restaurant space available.

The Los Angeles area hasn’t had a NFL team for 20 years, but the new Rams arena is isn’t all that’s happening at the old Hollywood Park site. The residential and retail component of the development has been in the planning stages for over a decade.  Like most projects, it was delayed by the great recession due to the lack of construction financing.

The 238 acre Hollywood Park site was acquired by developers Wilson Meany and Stockridge back in 2005, but construction didn’t begin until 2014. The Rams arena is the newest addition to the project.  The project is expected to be completed in 2023 with a possible Super Bowl in 2020.

The development and arena will be mighty cool when flying into LA at night if you’re on one of those 1,500 flight coming into LAX daily, especially the giant billboard on top of the arena. The developers are doing everything they can to see that this will be a very special welcome into Los Angeles.

It’s likely a little early to be looking for Los Angeles net lease restaurant or retail space in the development, but if you’re interested, I’ll do what I can to get the process moving. Call me, Scott Harris Realtor, 310-473-4789 for more information.

Commercial Real Estate Agent – Santa Monica, California

What’s Going to Happen to the Old Ikea Retail Site in Burbank

Big plans are underway for the old site now that the new 458,000 Square feet Ikea retail store is under construction. The new store will be the largest in the United States.  They will leave the old site at the net lease retail site at Burbank Town Center at about this time in 2017. So what’s underway for the old site?

Developer, Crown Realty and Development and CAPREF LLC have big plans: http://www.iheartburbank.com/  .  The plans are to add 765 apartments at 600 N San Fernando Blvd. and 70 condos for sale at 800 N San Fernando Blvd to the Burbank net lease retail center.  The center will also feature an open air plaza and 40,000 square feet of net retail space for lease for fresh retail tenants and maybe a farmer’s market.

No new Burbank residential multiunit housing has been permitted or built in the last 15 years, which added to the housing availability crisis. Not that it’s not the same all over Southern California.  I’ll wager that all of these new apartment and condo units will be sold or rented long before the construction is complete.

Looks like another solid project and we sure need the housing and new Burbank triple net retail space. The new net leased reatil space will sure make Los Angeles commercial real estate agents and brokers happy.

We’re still a ways off, but if you’re looking for nnn retail or restaurant space for lease, I’ll do my best to help.  Contact me, Scott Harris Realtor at 310-473-4789

25 Story Millennial Tower With 40,000 sq. ft. of Triple Net Retail Space Will Complete Columbus’ River South

Columbus developer, Arshot Investment Corporation, is proposing a 25 story mixed use ‘vertical city’ for Scioto Mile Park along the Scioto River. Arshot principal, Bill Schottenstein, say that the $35 million Scioto park is a major catalyst for the development.

Millennial Tower will incorporate retail, office, residential and entertainment uses in 400,000 square feet towering above Scioto Mile riverfront park. Important to Columbus commercial real estate agents is the 40,000 square feet of nnn triple net retail and restaurant space. We have quite a bit of supply coming online in 2017 and 2018 and it’s needed. Although we have plenty downtown, there will be another 180,000 square feet of office space.

In a press release, Bill Schottenstein said: “We have experienced a paradigmatic shift in the market. Young professionals are actively seeking ‘live-work-play’ environments,” Speaking for myself, there are some much older, still working professionals who would be interested in such an arraignment.

Schottenstien also said: “These creative minded professionals are gravitating towards urban, walkable environments that are active and transit-friendly, with open and collaborative work spaces and residences in close proximity to great parks and restaurants”.

The building will occupy the entire block of South Ludlow, Front, and West Rich and Cherry and will feature :

  • 2 floors of retail, 6 floors of office space and 10 floors of apartments and condominiums.
  • Ceiling heights of up to 18 feet with floor to ceiling glass.
  • 360-degree views of downtown and the Scioto Mile.
  • 180,000 square feet of office space composed of six, 30,000-square-foot open floorplates with possible Columbus coworking space
  • A 40,000-square-foot retail space likely to feature a grocery.
  • Parking for more than 600 vehicles.
  • 24-hour fitness center.
  • Pool and dog park.

Naming rights will be available for the building so it won’t likely remain Millennial Tower. Although that might be a dumb name in my opinion, the concept certainly isn’t. This is a very LAish progressive looking building that nails its intent of attracting and keeping a younger, more creative and collaborative work force to and in Columbus.

I hate to paraphrase The Donald, but this is a terrific project for River South and I hope that NIMBYs and area commissions don’t do terrible things to it like cut it down to about seven stories. If we’re going to have three million by 2050 as is predicted, we need more density downtown and that means building taller.

It’s probably a longs ways out to inquire about leasing retail or office space, but contact me, Scott Harris Realtor at 614-905-6614 if you want to get started.  Speaking of that, who would be willing to master lease a floor to create some new coworking / incubator space in the tower?

Gallery Approval of Ohio State University Retail and Residential Development at 16th and High

The first major segment of the long awaited renewal of the east side of High Street across from the OSU main campus entrance received approval from the University Area Review Board. The new development encompass the entire block bordered by 16th on the south and 17th on the north with Pearl Street on the east and will require the demolition of eight existing buildings. The building that housed the former Bernie’s Bagels & Deli and Johnny Go’s House of Music (The Wellington Building) will be one of them. The Sigma Nu building at 22 East 16th is another.

The much revised plan got unanimous approval of the University Area Review Board and board members were satisfied with the architectural changes made over many months of meetings.

The redeveloped block will include 50,000 square feet of net lease retail and restaurant space, which will make potential tenants who have been looking for space for years and Columbus commercial real estate agents very happy. We’ve had virtually nothing new come on the market for years in the OSU retail and restaurant areas.

There will be 164 new apartments with a total of 448 new beds and a 171 space parking garage.

There will be existing tenants who will want to relocate into the new building so no one is certain at this time how much truly new space will be available for additional new net lease retail and restaurant tenants. I’m staying closely in touch with all involved so if you have interest, give me, Scott Harris Realtor a call at 614-905-6614.

I expect the process to be quite competitive so it’s best to start early. Occupancy will be the start of fall semester 2018 so you have plenty of time to prepare, but the triple net retail and restaurant spaces will long be leased up. So again, start now.Columbus OSU retail restaurant development

Residential and Retail on 1,000 Acres at Evans Farm in Delaware County

Residential and Net Lease Retail

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.

http://www.thisweeknews.com/content/stories/olentangy/news/2016/01/19/development-idea-sprouts-at-evans-farm.html

http://delgazette.com/news/12650/orange-twp-oks-evans-farm-at-trustees-meeting

This is probably still a little early for NNN, triple net retail lease up, but if you’re interested, give me a call, Scott Harris Realtor 614-905-6614.  It’s unlikely that we’ll see any triple net nnn properties for sale out of this one.

Northgate Retail Rezoning for 250 Acres in Sunbury Approved

Retail Rezoning

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

Top Ten US Markets for Apartment Development – Columbus # 1

Top Ten US Markets

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.

http://www.zillow.com/blog/columbus-hottest-rental-market-195204/

Santa Monica Mixed Use NNN Triple Net Retail and Apartments Approved

Santa Monica Triple Net Retail Restaurant

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.

NNN Net Leased Retail Restaurant and Green Space For Glendale California 134 Freeway Cap

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.

Hamilton Rd and 161 – Hamilton Quarter

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

Columbus Short North’s Bollinger Tower Sold For Redevelopment

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

1031 Exchanges – The Four Basic Rules

1031 Exchanges

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.

For more detail regarding a 1031 exchange replacement properties, or referral to a Qualified Intermediary, contact me, Scott Harris, 310.473.4789 or 614.905.6614