Short North, Clintonville or OSU? Retail or Restaurant Space for Lease – Columbus Ohio

Looking For Triple Net (NNN) Lease Retail or Restaurant Space in Short North, OSU or Clintonville?

Over the last few years it’s been just about impossible to find net lease retail or restaurant space available in the High Street Corridor from downtown Columbus through the Short North, OSU campus and Clintonville.

That’s about to change as we get into 2017 and 2018 with many new-build and repurposed projects coming on line. True, we’re finally going to have some supply or triple net space here in these highly desired areas of Columbus, but it’s still best to get in line now so you can reserve the best locations when these Short North, Clintonville, OSU spaces are ready for occupancy.  If you wait, the space is likely to be gone.

Some of these projects will have office space available if you’re considering a master lease of co work, incubator or accelerator space.

New OSU Retail Development For Retail or Restaurant Leasing Up Fast

OSU is getting more development than it’s seen in decades, but regarding the Lane and High and 15th and High projects, almost all of the ground floor NNN retail space is already leased.   If you want to be on campus, it’s time to get moving now.

I’m familiar with and in contact with regards to all of the projects so I would be happy to assist in your search for Columbus Ohio commercial property for sale or lease. So feel free to contact me, Scott Harris Realtor, 614-905-6614.

Kaufman Ten Story Mixed Use Project in Short North at 2nd and High

This is amazing, and exactly where we need to be heading with architecture in Columbus. In my opinion, this is the overall best looking building, proposed or under construction in Columbus.   And congrats to Brian Kent Jones Architects.

We’ll soon see if the design can survive what the Victorian Village Commission will attempt to do to it. Maybe they should have started with 15 stories so that they compromise on ten.  And it’s really a shame that this won’t be facing High Street.  Today, August 11, is the day for its first review by the Victorian Village Commission so we’ll know much more by tomorrow morning.

Anyway, for a few other details: 155,000 square feet of for sale condos.  30,700 Square feet of office space.  Carve up around 7,000 – 10,000 square feet to create a stellar co-work / accelerator / incubator space.   Anyone up for it?   I also hold a California license and we’re doing a bunch of it out there in the Venice area.  Who is going to step up to the table to do the same here?

And last, but not least, 5,000 square feet of ground floor net lease retail space here in the Short North district of Columbus Ohio.

Also included will be 28,000 square feet of rooftop terrace and third floor pool terrace plus a 250 space parking garage.

Preliminary lease up of the office and retail space will begin as soon as they’re sure it will eventually get approved.  As always, if you’re interested, contact me, Scott Harris Realtor at 614-905-6614.

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

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

1031 Buyer Requirement – Triple Net Retail or Absolute Net Retail, National Credit, Single Tenant – $1.3 to $2.6 Million

California exchanger in day 4 of 45 day identification period looking for triple net retail properties for sale or absolute net retail investment.  $1.3 mil needs to be replaced to $2.6 mil under the 200% 1031 rule.

Must be credit tenant, preferably single tenant, NNN, triple net leased retail with at least seven years unexpired left on net lease.   Corporate net leased retail properties for sale such as single tenant 7 Eleven, Circle K, Get Go, Turkey Hill, KFC, Chipotle, Panera Bread, Taco Bell, Walgreen, CVS, Tractor Supply, Auto Zone, NAPA, Advanced Auto, etc. is fine.  Fast food and fast casual fine if corporate lease.

Again, relinquished property closed four days ago the clock is running and will have 41 days left in the 1031 45 day identification period.

California, Los Angeles or Santa Monica commercial real estate agent  / broker /principal with property  that meets above requirement call me, Scott Harris at 310-473-4789, 614-905-6614 or better yet, email to scottharrisrealtor@gmail.com.

Columbus Commercial Construction Update for September 2015

At the link is an update from Walker Evans of Columbus Underground regarding commercial construction progress in and around Columbus Ohio for September 2015. There’s a bunch of it, both already underway and just beginning.  Columbus commercial real estate agents will rejoice that we’re getting new restaurant, retail or office product to lease in many or most of these developments.

1055 N High http://www.columbusunderground.com/apartment-building-with-smart-car-only-parking-pushes-the-envelope-in-short-north for example pushed the envelope locally with micro car parking only. Also in the short north, the Jerome has begun. In Grandview Yard, the Wagenbrenner project, Pullman Way http://www.columbusunderground.com/new-homes-and-townhomes-planned-for-grandview-heights is also in the oven. Neighborhood Launch http://www.columbusunderground.com/the-neilston-apartment-building-to-break-ground-in-spring is getting started.  We have over 1,000 Columbus commercial Realtors and this is great new to all of us for very obvious reasons

Take a look at the following link to take a tour of Columbus commercial construction with Walker Evans

http://www.columbusunderground.com/construction-roundup-september-2015

Of course, if you need a Columbus Commercial real estate agent for a triple net retail or restaurant space or to purchase a building, I would be happy to talk with you.  Call me, Scott Harris at 614-905-6614.

Central Ohio’s Franklin County Ranked Number Four Nationally for Job Growth for large companies.

Some more good news to report regarding Central Ohio, brought to you by www.headlightdata.com.

“Top 10 Counties with Best and Worst Performing Holding Company Economies of 2014: Harris County-TX / Houston Creates the Most Jobs at Holding Companies; Fairfax County-VA / Washington DC Loses the Most

Recently released data show that jobs created in 2014 by holding companies across counties in the US varied from a high of 9,600 in Harris County-TX (Houston) to a loss of 2,600 jobs in Fairfax County-VA (Washington DC). “Holding Companies” includes the owning or management of other operating companies (NAICS 55: Management of Companies and Enterprises).

Out of more than 1,100 counties with holding company economies, the Top 5 job creators also included Dallas County-TX (Dallas), Johnson County-KS (Kansas City), Franklin County-OH (Columbus), and Dane County-WI (Madison).”

By larger ‘holding companies’, they’re referring to companies the size of Nationwide, Cardinal Health, Limited, etc., as defined by the Bureau of Labor Statistics.

columbus commercial real estate for sale or lease

The Short North White Castle Project Gets an Update

Columbus Short North retail and officeAs was just reported by Walker Evens of Columbus Underground, and just about everyone else, Borror Properties revealed its latest design update for the 11 story proposed replacement for the old pre WWII White Castle located at second and HN High Street.

After feedback from the Victorian Village Commission in April, Borror made some very visible design changes and some not so visible.

The commissioners asked Borror to break up the facade so it would look like several buildings instead one huge facade facing High Street.

The changes were to setback the building a bit more from the sidewalk and to tier the north end of the building so it blends better with the three story existing buildings to the north. Then, in my opinion, the building was modernized substantially to provide a nice contrast between all of the surrounding historic buildings and this one.

Then, not as visible, going from 11 stories with 150 apartments and 10,000 square feet of badly needed net leased Columbus retail and restaurant space plus the obligatory White Castle on the corner to 140 units with third floor office for a combined total of 24,000 square feet of office .  Still though, with the White Castle on the corner.

If you compare what I have pictured, rendering by Berradi+Partners, versus last month, you’ll see that the design was changed substantially, and in my opinion, now looks much better.

We certainly need more net leased restaurant and retail space in the Short North, but also need some new office space as the supply has gotten really tight.  This helps plus looks a bit better than the old White Castle.

Anyone for 11 story sliders?

Redevelopment of Budd Dairy site in Italian Village proposed

A new proposal from Lykens Companies to redevelop what is one of the largest structures in Italian Village is on the table in front of the Italian Village Commission. Lykens plans to not only restore the Budd Dairy building but to add five additional modern mixed use to the site.

The three and four story buildings would create 149 residential units and over 17,000 square feet of commercial office and retail space. The new development would replace parking lots and several single story warehouse and office structures.

For more detail plus architect renderings of the proposal, see:

http://www.columbusunderground.com/transformative-redevelopment-of-budd-dairy-site-proposed-in-italian-village

For questions concerning potentially leasing the commercial space, feel free to contact me, Scott Harris, 614-905-6614

Columbus – East Franklinton Development with 69 New Lofts

franklinton live work loftsThe trickle of development in Franklinton will soon turn to a torrent as this long long neglected area becomes the next Short North. So here’s another small piece with a 69 unit work loft with first floor Columbus net leased retail located at 400 W Rich St. designed by Jonathan Barnes Architecture and Design.

The entire project is aimed at live/work says Chris Sherman who is the project manager at the complex.

Rents are expected to be reasonable with $500 per month for a studio and one of the two bedroom units for around $1,300 a month.   There will be a roof top patio and covered balconies.

I think we’re going to see a bunch more of this work/ live concept that’s been so successful in major metros such as Los Angeles.

Micro Living in Downtown Columbus

As downtown Columbus multiunit rents get silly and two bedroom flats can run $2,500 per month, there need to be an alternative for those who work downtown.

The solution has been in major high rent coastal cities to more toward micro apartments with just about enough room to inhale and exhale.   That trend is coming to Columbus, but in a slightly larger format of 400 square feet.

Two properties kick the concept off in Columbus. One at 260 S Forth and the other at 39 W Long. Rents at 260 S Forth range from $695 – $895 per month plus options .  Needless to say, the buildings will have ground floor retail like everything else does. Some units are available with a small 80 square foot loft. Also available are semi furnished and corporate units with everything included for a measly $500 additional per month.

Rents are in the $2.10 a foot range which is getting close to LA rents. As many have noticed, rents have risen hugely in Columbus for high end rentals, especially downtown and Short North.

http://microliving.net/properties/ If you have questions, please contact me, Scott Harris at 614-905-6614

New Downtown Columbus 12 Story Hilton Garden Inn Proposed

If we decide that we really do want convention business in Columbus we must do something about the lack of hotel rooms within walking distance of the convention center. Although not nearly enough, the newly announced 12 story 170 room Hilton Garden Inn to be constructed at 77 East Nationwide Blvd. is a help.

Columbus at the very least needs to catch up with Indianapolis and Pittsburgh. We really need a 1,000 room full service luxury hotel as part of the convention center and we need it soon. I don’t know where it would go, but better minds than mine can figure that out.

David Patel of Indus Hotels announced last week that he’s taking his Hilton Garden Inn proposal before the downtown commission on Tuesday and I wish him lots of luck. Indus also owns and operates the Hampton Inn nearby at 501 North High Street . If approved, and I expect it to be, completion will take approximately 15 – 18 months.

 

Day Companies Buys Madison’s Retail buildings

columbus downtown net lease retailOne block of blight on High Street will be redeveloped with the purchase of the three long vacant Madison’s store buildings at 72-84 N High Street by Ricky Day of the Day Companies.

The two six story and one four story building comprise the 84,000 square feet of the old Madison’s retail department store.   The buildings, owned by the Tonti Organization, were in danger of demolition by the City of Columbus due to the safety hazard the crumbling buildings posed to the public.

There’s great confidence that the Day Companies will redeveloped the three building into to something significant for downtown given their record of success with every project they touch.

They also own the buildings north and south and the Madison property.   They’re also renovating the old Citizens building at 51 N High into ground floor net leased retail with 65 apartments above plus they purchased the building on the southeast corner of High and Gay.

Although the Day Companies aren’t exactly sure what they’re going to do yet with the Madison buildings other than ground floor Columbus net leased retail with residential above, expect great things to happen as this development moves forward.

Mid Ohio Regional Planning Commission – Insight 2050 Report

Mid Ohio Regional Planning Commission (MORPC) with collaborative partners Columbus 2020 and ULI Columbus released their final draft of their Insight 2050 report to compare and contrast four different possible growth scenarios for Central Ohio.

The four scenarios compare growth similar to what we’ve done in the past with urban sprawl in Scenario A to Scenario D, which maximizes infill and adaptive reuse with little additional geographic growth.

The impact will be substantial as Columbus and Central Ohio are projected to add 500,000 people and 300,000 jobs between now and 2050.

MORPC and partners will reach out to public and private decision markers for input, and future phases of the project will zoom in to examine specific projects and development sites.

http://www.morpc.org/Sustainability/insight2050/resources/index

Jerome Township Near Dublin to Get New Retail Center

Dublin triple net lease retail Jerome TownshipThe Columbus and Central Ohio metro has been relatively quiet in recent years concerning large scale suburban retail developments, but that’s going to change a bit with the Simon Tangers Outlet retail Mall at I-71 and route 36 in Delaware County, Bridge Street Corridor in Dublin and now this 400,000 square foot net leased retail center, Dublin Green, located northwest and outside of Dublin at the 161 and route 33 interchange.

Although the new center in Jerome Township to be named Dublin Green isn’t technically in the City of Dublin, it is expected to have quite an impact.

The Jerome Township area is one of the fastest growing area in Central Ohio with 20,000 new households since 2000 with in the ten mile radius of the 161 route 33 interchange. Median household income is over $90,000.

Concerns are that there has been no discussions yet between the City of Dublin, Jerome Township, Union County and the Ohio Department of Transportation so you’ll hear the typical complaints regarding anticipated traffic and the proposed layout of the site.

The developer describes the project as more suburban versus the more urban Bridge Street Corridor that’s expected to be more urban and similar to Short North with its niche net leased retailers and polished casual restaurant. Dublin Green is expected to be more national credit retailers such as the Costco who has already signed on to be an anchor in the project. Don’t be surprised to see all of the typical suspects to show up in the area such as Home Depot or a Menards. A Giant Eagle or a Krogers would be expected somewhere close.  It’s expected to be an important addition to the Dublin net leased retail market.

As always, if you have any interest in leasing or any other questions, please feel free to contact me, Scott Harris Realtor at 614-905-6614.

 

Johnny Rockets at the Local Drive-In?

columbus fast casual restaurant for leaseThis is an interesting nostalgic concept that I read about on Daily Finance and Business Week. And anyone who knows me is quite aware that I’m into 50s and 60s collector cars and old music and old everything since I’m old.  So of course I would notice this.

The first drive-in theaters appeared around 80 years ago at the height of the great depression. The high point was around 1958 with 4.063 drive-in theaters operating throughout the United States.   The fad started to crash in the late 70s and early 80s with over 1,000 disappearing that decade.  The total number now is 393 as of August 2014.

Reasons are many with many original mom and pop type owners wanting to retire, land values, advent of the VCR and later DVD, difficulty in getting distributors to provide them with first run movies, etc.

Fast forward to today and what’s old becomes new again. Retail fast casual restaurant Johnny Rockets is teaming up with USA Drive-Ins, who is building 200 new drive-in movie locations by 2018 and many will feature fast causal restaurateur Johnny Rockets as concessionaire.

The locations will present family friendly movies plus a nostalgic 50s and 60s American experience according to a Johnny Rockets press release.

I can see it now with Bullet, Vanishing Point, French Connection, Gone in 60 Seconds and other possibly car theme classics. Plus of course the painful reality of Fast and Furious 1 through 20.

“Drive-ins aren’t just about the movie, they’re about the whole experience,” Johnny Rockets Chief Development Officer James Walker told Bloomberg Business Week. “You’re able to interact with each other more than you would in an enclosed theater.” Plus, a drive-in movie can have a captive audience of between 1,200 to 2,000 people. That’s a lot of people waiting to hear, “Do you want fries with that?”

We had one here that was open for over 50 years and did well until land values didn’t make much sense given how much land this was sitting on.

http://www.forgottenoh.com/DriveIns/kingman.html

Absolutely I’d be interested in this concept given that I’m a commercial broker plus I’m the organizer of the largest car hangout in Columbus and Central Ohio at the net leased retail center of Polaris Fashion Center at Polaris and Gemini on Friday and Saturday nights, weather permitting, behind the Sonic, Red Robin and Roosters.

Anyone else interested?  If so you can contact me, Scott Harris at 614-905-6614 or 310-473-4789columbus fast food for sale

http://www.dailyfinance.com/2014/10/01/johnny-rockets-our-nostalgic-future-is-at-drive-in-movies/?icid=maing-grid7%7Chtmlws-sb-bb%7Cdl35%7Csec1_lnk3%26pLid%3D539088

http://www.businessweek.com/articles/2014-10-01/at-johnny-rockets-the-future-of-retro-is-drive-in-movies

New Columbus Ohio Retail Restaurant Listing

columbus clintonville triple net retail net leasedClass A building built in 2004. End cap, triple net retail / restaurant space of 1,441 RSF. 40 parking spaces.  Potential of patio on north side in addition to the existing one in the front of the building.

Co tenants are Chase Bank and Peet’s Coffee.

Located in the heart of gentrifying Clintonville, an inner ring suburb of Columbus Ohio.

Two miles north of Ohio State University with  I-71 and State Route 315 nearby.  Approximately one mile to Riverside Hospital. 22,000 people within a 1 mile radius and 10,800 households within 1 mile, 20,000 vehicle per day plus walk up traffic. Median household income for Clintonville is $58K. Highly educated with High school or higher: 96.3%, Bachelor’s degree or higher: 58.1% and Graduate or professional degree: 24.8%.

For Lease Brochure triple net leased restaurant

Columbus Ranked 8th for Economic Growth

The U.S. Bureau of Economic Analysis ranked Columbus, Ohio eighth for economic growth according to new data that takes a fresh look at economic output generated by individual U.S. metro areas.

Columbus came in at nearly double the national average of 1.7 percent with 3.2 percent GDP growth since 2012

“The metros where economic output grew the most are clustered along the tech hubs of California and the West, the energy centers of Texas and the Gulf Coast, and the shale gas industry hot spots of West Virginia and Ohio,” said Richard Florida in his analysis of the data on Citylab.com. ”The regions where economic growth declined (in orange) are concentrated in the South, Midwest, and Mid-Atlantic.”

As always it’s Indianapolis and Columbus bucking the trend in the Midwest with steady stable growth.  Notice all of the new net leased retail and higher end residential under construction in and around Columbus recently?

Houston topped the ranking with San Jose in second. Cleveland was near the bottom of the list at 42nd, but still grew at 1/2 percent.

See below for the complete report published by www.citylab.com

http://www.citylab.com/work/2014/09/houston-and-san-jose-are-leading-us-economic-output-growth/380360/

Developers Of North Gate Centre Offer $19 million for new I-71 interchange

As many already know, there are two huge commercial real estate projects in the planning stages for the I-71 and Route 36/37 areas.

First, is North Gate Centre, a collaboration between developers Pat Shivley and James Klingbeil, which would flank I-71 on both sides south of Route 36/37.  When built out it would be roughly twice the size of Polaris Fashion Place.  It would include Columbus area net lease retail, office, warehouse and a large 70 acre sports complex

Second, is North Star, which has been proposed for north of Route 36/37 on both sides of I-71 on land owned by Nationwide Realty and Weiler. The 1,700 acre project would become to 1,700 acres of retail, hotels and single family homes.  This project alone would require around $20 million in infrastructure improvements including an extension of the northbound exit from I-71.

Plus Berkshire Township has already approved construction of an Tanger -Simon retail outlet mall to built north of the NorthGate project. Both North Gate and North Star developers agree that there will only be one outlet mall built with plenty of triple net retail space available.

The developers of the North Gate project have agreed to contribute $19 million for a new interchange south of the exiting Route 36/37 interchange.

The agreement comes with the condition that the other retail and mixed use developers, Delaware County and the state of Ohio would contribute the remaining finds, estimated to be about $53 million, according to the Northgate Developers.

The projects have become a battleground of confusion due to the traffic gridlock potential.

Neither Ohio DOT or any other government officials have made any decision or allocated funds for a new I-71 interchange in the area.

ODOT, who is reviewing all teh proposals, pland to widen and improve the current interchange at Route 36/37 to ease traffic backups on I-71 after a couple decades of rapid growth and to accommodate the new Tangers Simon outlet mall.

Tommy Hatfield, Sunbury Mayor said residents are most concerned about traffic along the Rt. 36/37 bridge over I-71 and the potential lost tax revenue in the Big Walnut school district from tax incentives given to developers.

“All of the (ODOT) improvements are getting traffic off the freeway,” Hatfield said. “If you add the thousands of trips they’re talking about every day, including hundreds of employees … that’s going to leave us in a very bad situation for an undetermined amount of years.”

Dennis Stapleton, Delaware County Commissioner,, summed up the challenge to the county and motorists: “What we see are dollar signs; what they see are traffic headaches.”

Mixed Use Development Proposal for Clintonville Olympic Swim Club Site

multifamily apartments, net leased retailNo, it’s not a proposal for Columbus to host the 20xx Olympics, but it is a large 152 unit mixed use development with ground floor mixed use retail and possibly office with three floors of multiunit residential on top in Clintonville to be named the Olympic.  And finally something a little different in architecture for Columbus thanks to m+a architects.

Developer Kyle Katz proposed the 152 unit mixed use development for 3450 Indianola, which is the old Olympic Swim Club site.  The site had been in the wife’s family since the 1930s and they had been subsidizing the site for years due to declining membership and increasing expenses.

“The idea with this project is to keep the site in the family for another five generations, and to build something that would honor our family’s commitment, as well as honor the community’s vision,” said Zimmerman Katz. “We think we’ve created something very beautiful, something that provides things that are important to the community, like more housing options, restaurants, and increased walkability.”

The plans have been submitted to the city and will be reviewed by the Clintonville Area Commission in September.  They call for three levels of apartments over ground floor net leased retail and a polished casual restaurant.

They plan a 142 space parking structure in the rear of the property with an interior courtyard sitting on top.  Additionally, there will be surface parking shared with the Olympic Indoor Tennis, which is not closing, for a total of 352 spaces.

The single story building that is now Budget Carpet will be torn down to make way for the new development.

A one-story building that currently houses Budget Carpet and Flooring would be torn down to make way for the proposed development, which is being called The Olympic.

http://livetheolympic.com/