HEARTLAND SNAPSHOT, MAY 2007
Columbus, Ohio Retail Market
The retail sector of Columbus, Ohio, is experiencing the continued development of strip centers in major growth areas, and as backfill in some matures markets where land or redevelopment opportunities exist. Redevelopment also continues in the big box spaces left vacant by the departure of Big Bear grocery stores in the Central Ohio region (39 locations) as well as the closing of Phar-Mor drug stores, BJ Wholesale Clubs and other retailers in the market over the past several years.
With Simon Group’s recent acquisition of The Mills Corporation, the future of City Center, a 1.2 million-square-foot retail center in downtown Columbus, is in question. City Center has been slowly declining over the past few years with the development of Polaris and Easton. The center, which was once anchored by three department stores, now houses only Macy’s.
The development of Albany Park, a 500,000-square-foot retail project located at North Hamilton and SR 161, will provide the New Albany submarket with available space for big box retailers to locate in a growing area. It has been reported Target would like to be located in this area if it can get zoning approval for a super store. Also in the works, The Shoppes at River Ridge, a 103,000-square-foot lifestyle center located in Dublin, which will bring a variety of up-scale specialty retailers and restaurants to the higher income community.
Retail development has followed the residential development in submarkets such as Grove City, Canal Winchester, Polaris, New Albany, Powell and Southern Delaware, bringing new retailers to the area such as Menards, Costco, SuperTarget and Sunflower Market. Some of the most active developers in the area include Casto, Continental Real Estate Companies, Plaza Properties and Georgetown.
Recent major retail leases in the Columbus market include a 22,585-square-foot deal at 709-889 Bethel Road; 23,000 square feet at 6335-7040 Perimeter Road; and a 60,000-square-foot lease at 1333 Morse Road.
Future retail development will continue to occur in areas of residential growth, as retail development naturally follows the roof tops.
— Jon Leffler is a senior associate and Kimberly Begley is marketing and research manager with Grubb & Ellis|Adena Realty Advisors in Columbus, Ohio.
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