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City Opens $8.6M Community Health Center on South Side

7 Nov 2013, 4:42 am

By Adrian Maties, Associate Editor

The new John R. Maloney Health Center recently opened on Columbus’ South Side. Columbus Neighborhood Health Center leased the 21,000-square-foot facility at 1905 Parsons Ave.

The facility offers family healthcare, prenatal care, nutrition services, OB/GYN, immunizations and pediatric services, and will house Columbus Public Health’s Women, Infants and Children (WIC) Program. A fhealthcare center of the same name closed in August 2006 because of structural problems. I

Mayor Michael B. Coleman, City Council Member Priscilla Tyson, Columbus Public Health Commissioner Dr. Teresa Long, and Columbus Neighborhood Health Center CEO Tom Horan attended the ribbon-cutting ceremony on October 28 together with community leaders, residents and  health care providers. “This new facility represents our commitment to providing primary health and wellness services to South Side families close to where they live,” Mayor Coleman said in a statement.

The city of Columbus provided $8.6 million for the center’s construction from a five-year bond issue approved by voters in 2008. On November 5, voters approved an $842 million, five-year bond measure to fund capital projects for the next five years, as the The Columbus Dispatch reported. Revenue from the bonds will be allocated to capital improvements designed to attract new investment.

“The John R. Maloney Health Center is an investment in the health and safety of South Side residents,” said council member Priscilla Tyson, chair of the Health and Human Services Committee, in a statement. “It is one of many investments the city is making on the South Side, along with quality affordable housing, improved neighborhood infrastructure, and early childhood development programming.”

Photo credits: The Official Facebook Page of Columbus Mayor Michael B. Coleman

Crawford Hoying Unveils Plans for $300M Mixed-Use Project in Dublin

23 Oct 2013, 10:12 pm

By Adrian Maties, Associate Editor

Dublin has been the recipient of some major good news lately. First, Columbus CEO magazine readers recently selected Dublin as The Best Central Ohio Suburb to Do Business for the third consecutive year. Then, on Oct. 22, city officials and local developer Crawford Hoying unveiled plans for Bridge Park, a $300 million mixed-use project that its backers say will transform the city and create what they call “a world-class environment.”

Crawford Hoying Development Partners is teaming up with the city and and Boston-based Elkus Manfredi Architects. Bridge Park’s proposed site is a 25-acre parcel east of the Scioto River in the 1,100-acre Bridge Street District.

Its residential component includes 1,026 apartments with ground-floor retail space, plus 136 condominiums. Young professionals and empty nesters will be the targeted customers.

The commercial portion calls for 140,000 square feet of office space, a grocery store, restaurants, parking garages, a fitness center, and a 196-key hotel with an adjacent conference center.  According to the developers, Cameron Mitchell has committed to bringing two restaurants to the development. Columbus-based Indus Hotels will handle the hotel and convention center.

 The city plans to invest about $40 million in infrastructure improvements, including  parks on each side of the river and a pedestrian bridge linking the development to Dublin’s historic center.

Crawford Hoying is eyeing a 2014 kickoff for the project, with completion slated for 2018.

Photo credits: Crawford Hoying, Elkus Manfredi Architects

Airport Wraps Phase 1 of $80 Million Terminal Upgrade

3 Oct 2013, 8:15 pm

By Adrian Maties, Associate Editor

Renovations are complete at Port Columbus International Airport’s Concourse A, the first phase of an $80 million upgrade of the entire 55-year-old terminal.

The 29,244-square-foot Concourse A is home to the Southwest Airlines and AirTran. Its renovation was finished within the Phase 1 budget projections of $3.5 million. Upgrades include new terrazzo flooring,  carpeting, wall treatments, ceiling tiles, stainless steel column wraps, enhanced lighting and renovated restrooms. While waiting for their flights, passengers will be have their choice of food and beverage from Donatos Pizza, Vino Volo, Chili’s Too, Starbucks and Wolfgang Puck Gourmet Express.

URS Corp. designed the Concourse A renovation, while Messer Construction Co. was the general contractor. Passenger fees and the Columbus Regional Airport Authority’s capital reserves are providing funding the project.

Construction continues in Concourse C, where Gilbane Building Co. is on track to wrap up a $5.9 million renovation in the next few months. This fall, Gilbane is also scheduled to start the $11.5 million renovation of Concourse B, a project expected to be finished by the end of 2014. Later this year, Turner Construction will begin an extensive ticket lobby modernization, which is slated for completion in mid-2015.

According to Elaine Roberts, president & CEO of the Columbus Regional Airport Authority, the planning and engineering team sought input from key customer service, custodial and facilities staff in order to create ”a terminal that delivers an exceptional travel experience for our customers.”

“Modernizing our existing 1958 terminal building is a timely investment that helps create an airport conducive to growth,” Elaine Roberts said in a statement. “With the renovations, we’ll be able to efficiently handle over eight million passengers a year, levels we expect to reach in the late 2020s based on current trends.” Plans are also in place for a new terminal to be built when passenger demand requires.

Photo credit: Columbus Regional Airport Authority

Homewood Suites Opening Launches Busy Fall for Columbus Hotel Market

19 Sep 2013, 4:49 pm

By Adrian Maties, Associate Editor

In a preview of what is shaping up to be a busy fall for the Greater Columbus hospitality market, Homewood Suites by Hilton opened its newest local property in late August.

According to Nathan Lipps, general manager of the 109-key property, the new Homewood Suites will target business, leisure and education travelers. Lane Avenue Enterprises Ltd. is the owner of the hotel, which is managed by S&S Management Inc.

Located at 1576 West Lane Ave. in the Upper Arlington entertainment district, the hotel features such amenities as an indoor pool, outdoor BBQ area, fully-equipped fitness center, 24-hour executive business center, and meeting facilities able to accommodate up to 80 guests.

Nearby attractions include the Columbus Zoo and Aquarium, Franklin Park Conservatory and Botanical Gardens, Ohio State University and the Jerome Schottenstein Center.

Around the time the Homewood Suites by Hilton was opening in Upper Arlington, Pizzuti Cos. and Starwood Hotels & Resorts Worldwide broke ground on The Joseph, a 135-key hotel in the city’s Short North Art District.

Columbus Business First reported on Sept. 13 that Twin Tier Hospitality L.L.C. has acquired the 306-key Doubletree at Crosswoods Center near Worthington for $10.3 million in a foreclosure sale. The 1980s-vintage Doubletree marks the first hotel property purchased in Central Ohio by Pennsylvania-based Twin Tier.

Photo credits: www.homewoodsuitesmediacenter.com/

Pizzuti Cos., Starwood Hotels Break Ground on 135-Key Le Meridien in Short North District

28 Aug 2013, 10:29 pm

By Adrian Maties, Associate Editor

Officials broke ground Aug. 22 on Le Meridien Columbus, The Joseph, a 135-key hotel in Columbus’ Short North Art District. Developed by Pizzuti Cos. and Starwood Hotels & Resorts Worldwide, the property will be owned by Pizzuti and operated by Wischermann Partners. Mayor Michael Coleman, Pizzuti Cos. chairman Ron Pizzuti led the delegation at the groundbreaking.

Scheduled to open in early 2015, the hotel (pictured in rendering at right) will be located at 620 North High St., one block north of the Columbus Convention Center and close to Short North’s art galleries, restaurants, coffee shops, boutiques and nightclubs as well as The Ohio State University campus. Le Meridien Columbus will feature a full-service restaurant, signature bar, two deluxe spa suites, a 24-hour fitness center, and 8,000 square feet of meeting and event space.

“As part of our overall Joseph development, which also includes a mix of office, retail, parking and art exhibition space, the new Le Meridien hotel will further establish the Short North as the place to be in Columbus,” said Joel S. Pizzuti, president of The Pizzuti Companies, in a statement.

Le Meridien Columbus is part of Pizzuti’s The Joseph mixed-use development complex, expected to open in 2014. It includes a six-story, cubist-inspired office building with 60,000 square feet of premium office and retail space and a 313-space parking garage. The Pizzuti Collection, which will house Ron Pizzuti’s collection of contemporary works,  is scheduled to open on Sept. 7. In July, Pizzuti announced that the retailer Anthropologie will occupy 9,800 square feet on the first two floors of the office and retail building. Columbus Business First reported that the hotel’s second-floor ballroom will be named the Coleman Ballroom in appreciation of the support of the mayor and the city for the $60 million project.

Rendering: The Pizzuti Companies


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

Champion Adds 108-Unit Westerville Complex to Growing M-F Portfolio

13 Mar 2013, 10:31 pm

By Adrian Maties, Associate Editor

Champion Property Management, a privately-held, fully-integrated, multi-family investment firm, just completed its twelfth apartment community acquisition of 2013. A Champion-sponsored affiliate purchased Caleb’s Creek Apartments, a recently completed 108-unit apartment complex in Westerville. The purchase price has not yet been disclosed.

“Caleb’s Creek will be our fourth apartment complex on the northeast side of Columbus,” noted Michelle Yeager-Thornton, Champion’s co-founder and chief operating officer. “The area surrounding Hamilton Rd. is rapidly growing, and we believe Caleb’s Creek will be another great addition to our multi-family portfolio.”

Champion’s latest acquisition is located close to many retail, dining and entertainment options in Westerville, one of central Ohio’s fastest-growing locations.

Located at Hamilton Road and Warner Road, Caleb’s Creek Apartments opened last year. It offers one- and two-bedroom garden-style apartments as well as corporate housing and short-term leases.

Apartments feature fully-equipped kitchens, nine-foot-high ceilings, full-size washer and dryer connections, patios and balconies. Community amenities also include a swimming pool with sun deck and a 24-hour fitness center. Founded in 2010, Champion now manages 3,000 multi-family units in central Ohio.

Photo: Champion Property Management

Welsh Buys 2 Warehouses in Groveport, Obetz as Part of $100M, 2.7 MSF Deal

28 Feb 2013, 2:11 am

By Adrian Maties, Associate Editor

Minnesota-based Welsh Property Trust has purchased two industrial properties in Groveport and Obetz from KTR Capital Partners as part of a $99.5 million, five-building portfolio. The two warehouses, which total nearly 1.5 million square feet between them, accounted for $47 million of the price tag, reported Columbus Business First.

Located in Groveport, the larger of the facilities is a 754,000-square-foot warehouse on a 42-acre site at 6766 Pontius Road. Honeywell International, the sole tenant, occupies 594,000 square feet. The property features 32-foot clear ceiling heights, 86 dock doors, four drive-in doors and parking for 502 cars and 157 trailers.

Zulily, Inc. leases the entire 737,471-square-foot distribution center at 3051 Creekside Parkway in Obetz. Located on a 37-acre site, the facility includes 32-foot clear ceiling heights, 75 dock doors (expandable to 179), six drive-in doors and parking for 506 cars and 220 trailers.warehouse situated on a 42-acre site.

“This offering represented a rare opportunity for Welsh Property Trust to acquire five debt-free, newer built industrial facilities in one transaction – one that will allow them to complement their existing portfolio and provide an immediate presence in primary distribution markets,” commented John Huguenard, an international director with Jones Lang LaSalle Inc. and co-leader of the team that arranged the deal.

 “The portfolio has been extremely well maintained by committed institutional ownership and requires minimal capital improvement in the near term,” Huguenard added. In addition to the Central Ohio properties, Welsh’s newly acquired 2.7 million-square-foot portfolio includes assets in Chicago, Indianapolis and Cincinnati.

Charts courtesy of CBRE.

Market Uptick Prompts Plans to Build 2 Hotels on Olentangy Rd.

14 Feb 2013, 5:20 pm

By Adrian Maties, Associate Editor

Ohio’s recovering hospitality market is motivating developers to start building new hotels in the Columbus area. According to Columbus Business First, two such projects will start in the near future along Olentangy River Rd.

Sintel Hotel Group Inc. plans to start construction late this year on a 95- to 98-key hotel at 3121 Olentangy River Rd. The $12.5 million, eight-story property will include a two-level parking structure with spaces for 99 vehicles and meeting space that can accommodate up to 75 guests.

Sintel, which owns the nearby Holiday Inn Express at 3045 Olentangy River Rd. plans to unveil the hotel’s flag next month.

Not far from the Sintel project, David Patel, a local hotel investor and operator, plans a May construction start for an $18.5 million Hampton Inn & Suites. Located on a long-vacant site at 3160 Olentangy River Rd., the hotel would include 36 two-room suites, 114 standard guest rooms and meeting space for up to 100 guests. Brackett Builders Inc., the general contractor, is expected to complete construction next year.

The announcements of the new projects coincide with steady improvement in the hospitality market. According to Marcus & Millichap Real Estate Investment Services Inc., occupancy has risen to 56.5 percent.

In other hospitality  news, the AAA auto club has recently awarded its Four Diamond Award to five hotels in Columbus:

  • the Westin Columbus;
  • the Hilton Columbus at Easton;
  • the Renaissance Downtown Columbus;
  • the Hilton Columbus at Polaris;
  • the Embassy Suites Columbus Airport.

Only 14 Ohio hotels have received the AAA Four Diamond rating.

Chart courtesy of Marcus & Millichap Real Estate Investment Services Inc.  

CMA Plans Spring Launch for $38M Final Phase of Renovation

1 Feb 2013, 4:48 pm

 By Adrian Maties, Associate Editor

The Columbus Museum of Art is getting ready to launch the $37.6 million final phase of its Art Matters renovation and expansion project. The institution presented plans for its new wing to the City of Columbus Downtown Commission on Jan. 22 and expects to start two years of construction in late spring.

Plans call for the renovation and expansion of the Ross Wing and the lobby that were added in 1974. The third phase will expand the current 96,000-square-foot complex by 50,000 square feet. On tap are a sculpture garden, restaurant, museum store and entrance. The project’s third phase is designed by the Columbus-based architecture firm DesignGroup. Tod Williams Billie Tsien Architects of New York City developed the master plan.

“This is a defining moment for the Museum,” commented Nannette Maciejunes, CMA’s  executive director. “Moving forward with this project allows us to fulfill our promise to the community of continuing to create great art experiences for everyone. The Museum’s growth is a reflection of our community’s vision for the arts and culture in Columbus and the priority each of our donors places on supporting a thriving arts community.”

According to CMA’s website, it has secured $56 million in pledges through its Art Matters capital endowment campaign toward the project’s estimated $90 million cost.

In the project’s first phase, completed in Sept. 2009, the museum renovated Beaton Hall. Next, CMA’s historic Broad Street building was renovated. Renamed the Elizabeth M. and Richard M. Ross Building, that building reopened Jan. 2011. Both phases were both completed on time and on budget.

Rendering: The Columbus Museum of Art

Team Gemini Advances $300M Process Complex in Grove City

17 Jan 2013, 11:13 pm

By Adrian Maties, Associate Editor

Team Gemini plans to invest at least $312 million in industrial processing and research facilities near the Franklin County Sanitary Landfill in Grove City, Ohio. The Orlando-based sustainable project design and development company signed 99-year leases with the Solid Waste Authority of Central Ohio on Jan. 8 for two parcels totaling 365 acres.

The largest component, the Gemini Synergy Center, will be a $300 million industrial and research park located on 343 acres.  It will include 35 acres of state-of-the-art automated greenhouses, a digester, a fish farm, and process and/or manufacturing facilities powered by green energy produced from waste materials. Colliers International will serve as leasing agent for the park, which will be anchored by Team Gemini.  

On an adjacent 22-acre parcel, Team Gemini will build a $12 million to  $18 million,  85,000 square-foot landfill receiving facility(LRH), which will be owned and operated by the solid waste agency. Team Gemini will also build, own and operate a 100,000 square-foot materials recovery facility, which will be linked to the industrial park by a conveyor belt and pedestrian walkway.  

The landfill receiving facility and the material recovery plant are expected to be completed in two years; Team Gemini is targeting completion for the entire project by 2017.

Photo credits: The Solid Waste Authority of Central Ohio