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Pizzuti Plans $7.5M MOB at City Gate in Marysville

10 Aug 2013, 8:51 pm

By Adrian Maties, Associate Editor

Pizzuti Cos. has announced plans to develop a two-story, 35,000-square-foot medical office building at the City Gate mixed-use development in Marysville. Memorial Hospital of Union County will lease the entire building from Pizzuti. Scheduled to open in the fall of 2014, the $7.5 million facility is expected to serve 50,000 patients annually.

Pizzuti will acquire the site for the building from City Gate’s developer, Connolly Construction Co., Columbus Business First reported July 31. The facility will be accessible via Routes 33 and 36. “Our patients want us to be accessible, and we believe that the City Gate location will improve accessibility and visibility,” commented Chip Hubbs, the hospital’s president & CEO, in a statement. Bill Andrews of Andrews Architect is the project’s designer.

Memorial Hospital plans to offer a variety of services at the building, including urgent care, imaging services, physical therapy and its sports medicine practice. Demand for physical therapy services has jumped 54 percent during the past year, the hospital reported. The building will also provide space for advanced performance training offered by Memorial’s Elevate Sports Medicine.

Pizzuti’s announcement of plans for the Marysville project follows its sale last month of Two Miranova Place, a 243,000-square-foot office building in Downtown Columbus. According to Columbus Business First, Pizutti sold the 12-story building to Chicago-based Romanek Properties Ltd.

Rendering: Memorial Hospital of Union County

 

 

 



Garrison, Westmount Expand Industrial Footprint With 10-Building Deal

24 Jul 2013, 9:44 pm

By Adrian Maties, Associate Editor

In a $23.6 million deal,Garrison Investment Group has added 10 Columbus-area industrial properties to its portfolio, Columbus Business First recently reported.

In addition, New York City-based Garrison has retained Westmount Realty Capital to manage the portfolio. Westmount, which is headquartered in Dallas, is expected to become an equity investor in the portfolio, as well. Garrison and Westmount jointly own nine other properties in Columbus. Completed in late June, the deal makes the team the second-largest industrial investor in the market.

Constructed between 1972 and 1979 and renovated in 2006 and 2007, the facilities are located in two industrial parks. Three of the buildings, totaling 772,206 square feet on 43 acres, are situated on Fisher Road in Columbus’ West submarket. Seven others are located on Watkins Road in southeast Columbus near a trio of properties acquired by the Garrison/Westmount group last September. The new portfolio ranges from warehouse and distribution to flex space, and ranges in size from 19,764 to 391,000 square feet.

“As the Columbus market is recovering, the assets were able to be purchased at levels well below replacement cost and on a basis that will allow ownership to be quite competitive on rental rates,” Cliff Booth, chief executive officer at Dallas-based Westmount Realty Capital, said in a statement. “The reasonable cost of this acquisition should translate into accelerated leasing velocity and added value.”

He added that the Garrison/Westmount group also plans to invest almost $2 million in a variety of upgrades, including new roofs, parking lot renovation, improved signage, exterior and interior painting and new lighting.

Garrison and Westmount now control almost 5 million square feet of industrial space in the Columbus area. Westmount will manage all the properties. Jones Lang LaSalle Inc. will be in charge of leasing all the South subdivision properties while RJ Boll Co. will handle leasing for the Fisher Road properties in West Columbus.

A few weeks ago, Garrison Investment also purchased the 401,775 square foot Towson Commons mixed-use complex in Baltimore. Read CPE’s coverage of the transaction here.

Photo credit: Garrison Investment Group Via PRLog

 



As State Fair Nears, Crowne Plaza Columbus North – Worthington Wraps $5.3M Renovation

11 Jul 2013, 5:37 pm

By Adrian Maties, Associate Editor

With the Ohio State Fair just around the corner, Columbus hotel operators are doing their best to make the most of an event that attracted more than 840,000 visitors last year. A case in point: the Crowne Plaza Columbus North – Worthington, recently completed a $5.3-million renovation of its guest rooms, meeting and event space, lobby and public areas.

Located at 6500 Doubletree Drive, Crowne Plaza Columbus North – Worthington Hotel is 11 miles from Downtown Columbus and 14 miles from Port Columbus International Airport. The renovation included the hotel’s 300 guest rooms and suites, its 20,000 square feet of public spaces and the 4,800-square-foot Grand Pavilion.

Guests have access to Christino’s, a three-meal restaurant; a lobby lounge; a 24-hour business center; indoor and outdoor pools; high-speed wireless internet access; same-day dry cleaning; and a fully equipped, 24-hour fitness center. Complimentary shuttle service is also available for destinations within a five-mile radius of the property.

One of the largest state fairs in the country, the Ohio State Fair tallied its largest attendance last year since 2004. This year’s edition runs from July 24 through August 4.

Besides renovated guest rooms and public spaces, the Crowne Plaza Columbus North – Worthington offers its guests a special State Fair package. Starting at $132 per night, it includes overnight accommodations, four tickets to the fair and complimentary shuttle service to the fairgrounds.

Marcus & Millichap Real Estate Investment Services Inc. reports that the hotel industry in the Midwest is on an upward trajectory that shows no signs of slowing. Regional occupancy jumped to 52.2% during the first four months of 2013, the highest level in seven years.

Photo credit: Crowne Plaza Hotels & Resorts
Charts courtesy of Marcus&Millichap.


Tax Breaks to Promote 4 Expansion Projects in Central Ohio

27 Jun 2013, 9:23 pm

By Adrian Maties, Associate Editor

Four companies have been tapped for tax incentives intended to promote expansion in Central Ohio, state officials announced on June 24. The four are among 15 selected by the Ohio Tax Credit Authority for projects that are expected to create 831 jobs statewide during the next three years.

Persistent Systems Inc., a software and technology company, stands to receive tax breaks estimated at $186,278 and would add 30 jobs. Ohio, which wants to bring the company to Dublin, is competing with Seattle and Charlotte, North Carolina

Zipline Logistics will receive $101,067 in tax breaks and plans to move its headquarters from Grandview Heights to a bigger location in metropolitan Columbus, The Columbus Dispatch reported. The site is still undetermined, but the company said it expects to add 40 jobs over the next three years. Columbus Business First has included the company on its list of the fastest-growing Central Ohio companies for three years running.

NEX Transport Inc. plans to create 45 jobs as it moves from its current Logan County location to Zane Township. The company is to receive $43,243 in tax credits. It will also retain its existing workforce of 275.

ISS America, a manufacturer and distributor of automotive engine components, was chosen for $34,620 in incentives and will invest $3 million to expand its existing Bellefontaine facility, according to information on the Columbus 2020 website. The expansion is expected to create 20 new jobs over the next three years, quadrupling the company’s workforce in the region. According to the Dispatch, the expansion is expected to create 20 new jobs over the next three years, quadrupling the company’s workforce in the region.

The announcement of the  tax breaks coincides with upbeat employment news. A recently released report from the Ohio Department of Job and Family shows the state’s employers added 32,100 jobs last month, best in the United States. Ohio’s unemployment rate remained unchanged at 7 percent last month, a performance that compares favorably to the national rate of 7.6 percent.

Photo credits: Ohio Development Services Agency – Facebook



Champion Acquires 352-Unit M-F Complex in Hilliard for $10M

13 Jun 2013, 11:08 pm

By Adrian Maties, Associate Editor

Westerville-based Champion announced last week that an affiliate has acquired a 352-unit apartment complex in Hilliard for $10.1 million.

Previously known as Twin Creek Apartments, the complex has been renamed Hilliard Village by its new owners. Located on 17 acres near Wilson Road and I-70, the community features a playground, resort-style swimming pool, fitness center, and laundry facility. Hilliard Village offers one- and two-bedroom garden-style apartments as well as two- and three-bedroom townhomes.

“We are going to reposition Hilliard Village over the next six months,” said Brian Yeager, Champion’s president and CEO. “The community has great potential, and we look forward to pumping in a significant capital investment to bring this asset up to its true potential and value.”

The transaction, which closed May 31, was financed by KeyBank for close to $10.5 million, Columbus Business First reported. The seller was a private Boston-based investor that also sold two other apartment communities in Columbus, the Gaslight Village Apartments and Northland Arms.

With the addition of Hilliard Village, the multi-family investment specialist manages 14 apartment communities and more than 3,600 units throughout central Ohio. Also on May 31, Champion also became the owner of Troy Farms, a 304-unit, fully-leased apartment complex in Delaware. In March, it purchased Caleb’s Creek Apartments, a recently completed 108-unit apartment complex in Westerville.

Photo: Champion
Charts courtesy of Marcus & Millichap Real Estate Investment Services Inc..


Columbus, Dublin M-F Projects Win Key Approvals

1 Jun 2013, 7:20 pm

By Adrian Maties, Associate Editor

The Greater Columbus apartment construction boom continues with two new projects that will deliver more than 400 units. On May 16, the Dublin Planning and Zoning Commission approved Edwards Communities’ plans for a 324-unit apartment building as part of the first phase of redevelopment of the Dublin Village Center. Edwards will develop the project to the northeast of the existing AMC Theater.

The community will consist of 224 one-bedroom units and 100 two-bedroom units and will be marketed to young professionals. Plans also call for three lushly landscaped open-air atrium courtyards, a 7,500-square-foot community clubhouse and leasing center and 548 parking spaces, 341 of which will be within the building’s podium parking area. The developers plan to start construction later this year and to finish the project in 2014.

The Columbus Metropolitan Housing Authority plans to build a 100-unit apartment building for seniors on the site of the vacant Poindexter Village complex. The Columbus Board of Zoning Adjustment unanimously approved the plans, according to The Columbus Dispatch, despite protests from about 50 Near East Side residents.

Poindexter Village consists of 35 buildings. CMHA officials said rehabilitating the buildings isn’t feasible, as such a project would cost $42 million, the Dispatch reported. Twenty-five of the 35 buildings will be demolished after June 10. CMHA is still considering whether to preserve the remaining 10 buildings.

CMHA officials say that demolishing Poindexter Village will bring new life to the area, as further development will deliver 500 additional units of housing. Residents, however, contend that the buildings, which are more than 70 years old, are an important part of the area’s African-American History and should be preserved and rehabilitated.

Click here to see the Q1 2013 National Apartment Market Trends from Reis Reports.

Photo credit: City of Dublin.



NP Limited, Trivium Plan Summer Start for Upscale 504-Unit M-F Project in Westerville

16 May 2013, 7:53 pm

By Adrian Maties, Associate Editor

Columbus is in the middle of an multi-family development boom. Ten projects and more than 2,000 new units and are expected to be delivered in the central area of the city alone, according to Columbus Underground.

According to new projections by the Ohio Development Services Agency, the population of metropolitan Columbus is expected to overtake that of metro Cleveland by 2020. Marcus & Millichap Real Estate Investment Services Inc. estimates that vacancy will drop to 4.4% this year and average monthly rents will reach $774.

Meanwhile, multi-family development is also thriving beyond the city limits. At the end of April, the Westerville City Council approved plans for the first phase of the Ravine at Westar, an upscale complex planned for a 54-acre site between Polaris Parkway and County Line Road west of Alum Creek.

This summer, developers NP Limited and Trivium plan to start construction on the 504-unit project. David Meleca, the project’s architect, told ThisWeek Community News that the design will convey European style with Tudor-inspired elements.

The project will be constructed along an extension of Worthington Road. Plans also call for a connector to Old Worthington Road and a brick clubhouse with a pool.

Charts courtesy of Marcus&Millichap



Messer Construction Tapped for $370M OSU Project; Review Shaves Budget by $26M

26 Apr 2013, 2:34 pm

By Adrian Maties, Associate Editor

Ohio State University announced last week that it has tapped Messer Construction Co. to lead the team of construction and design firms on the $370 million North Residential District renovation and expansion program. Construction is expected to start in July.

The project will add 3,200 new beds to the North Residential Area, bringing the total to 6,359. New dining facilities, recreation facilities and other support facilities will support the university’s Second-year Transformational Experience (STEP) Program.

When Ohio State’s trustees approved the plan last August, the project carried a $396 million price tag. A competitive review process that started in early December has trimmed $26 million from that estimate, and additional savings could emerge during final design.

“The time and effort we put into this review process allowed us to work with industry experts to identify efficiencies in construction techniques and scheduling that will not only save a significant amount of money, but will also allow us to deliver facilities that will enhance the student experience, including the new Second-year Transformational Experience Program,” said Jay Kasey, the university’s senior vice president for administration and planning at Ohio State. “We are dedicated to keeping costs affordable for students while delivering an exceptional product.”

The team led by Cincinnati-based Messer Construction includes Miles-McClellan Construction, Jacobs Engineering Group Inc., Brailsford & Dunlavey, HKS Inc., Schooley Caldwell Associates, KZF Design Inc., Heapy Engineering, Shelley Metz Baumann Hawk, Korda Nemeth Engineering, and MKSK. Completion is scheduled for fall 2016, when the university will require sophomores as well as freshmen to live on campus.

Rendering: Ohio State University 



Vision Development Launches $23M M-F Complex on Columbus’ West Side

10 Apr 2013, 4:53 pm

By Adrian Maties, Associate Editor

As Columbus enjoys its biggest apartment building boom in years, Vision Development, Inc. is joining those trying to capitalize on the area’s growing population and improving economy. The Columbus Dispatch reports that the Upper Arlington developer has started work on a $23 million apartment and town house complex on Columbus’ West Side.

Vision Development purchased a 14-acre parcel for the project on Edwards Farms Road on March 8, and began site preparation a few days later. Dubbed District Apartments, the complex will offer 228 one-, two- and three-bedroom units with fully equipped kitchens and modern amenities.

Residents will have access to on-site management, a swimming pool, an exercise room, community space, a business center and organized activities. The complex will be close to shopping, employment, recreation, dining, entertainment and educational resources. Major highways and public bus transportation are nearby.

Vision Development expects to start leasing the units this fall and complete construction in the summer of 2014.  Monthly rents will range from $930 to $1,795.

According to Marcus & Millichap Real Estate Investment Services Inc.’s annual apartment report, builders will complete 1,100 multi-family units in Columbus this year, almost double the total for 2012.

 Demand will remain high, however, and vacancy will fall to 5.5 percent by the end of the year. Asking rents are expected to increase to $720 per month while effective rents will climb to $687, representing upticks of 2.9 percent and 3.3 percent, respectively.

Photo credits: Vision Development, Inc.
Charts courtesy of Marcus&Millichap.

 



Prologis Lands SpeedFC for 770 KSF Build-to-Suit Distribution Facility in Etna

28 Mar 2013, 2:39 pm

By Adrian Maties, Associate Editor

Prologis, Inc. announced March 25 that it has signed an agreement with SpeedFC, Inc., a Dallas-based e-commerce service provider, for a 770,000-square-foot build-to-suit distribution center in Etna.

Located at Prologis Park 70 Etna, near Pataskala, the facility will be close to major freeways and 20 minutes from the Port Columbus International Airport. It will have numerous energy-efficient features and will be outfitted with automated material handling equipment, including a 450-station bomb bay unit sorter. SpeedFC plans to invest $3.2 million in the Etna project and will move into the new distribution center this fall.

“We are pleased to support the ongoing success of SpeedFC and enhance their operations with this Class-A distribution center,” commented Prologis senior vice president Brian Marsh. “Supply of large space in the U.S. remains limited and e-commerce fulfillment continues to drive strong demand.”

On Monday, the Ohio Tax Credit Authority extended an eight-year, 50% tax credit to SpeedFC, which promised to create 250 jobs with an annual payroll of $6 million, primarily in warehousing and distribution positions. Hiring is scheduled to start in September. SpeedFC also made a commitment to retaining 242 existing jobs. The total of 492 jobs will carry an annual payroll of $11.5 million.

Tim Bubb, Licking County Commissioner, said, “Keeping SpeedFC in the Columbus Region is a major accomplishment and helping the company expand to a larger facility while doubling its workforce is a major win.”

During its Monday meeting, the Ohio Tax Credit Authority also approved a tax deal for Verizon Wireless. The company plans to move to Hilliard, add 500 new jobs and retain 1,900 others in the region. The Ohio Tax Credit Authority approved tax credits for 13 projects throughout the state.

Photo credit: Prologis