Keeping up with CRE trends is as easy as 1-2-3 with our weekly piece! The Weekly Review is a new blog series that will be released every Friday. The market is constantly growing and adapting to new ventures and ideas, and our goal is to provide up-to-date information into what is happening in both the Columbus and U.S. markets, as well as the commercial real estate industry as a whole. As stories evolve, the Weekly Review will continue to follow along and update our clients and community.
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1
“Big Lots Inc. is seeking court approval to sell its corporate headquarters to OhioHealth Corp. for $36 million. Central Ohio's largest health system is reviewing several concepts ‘to potentially convert (the building) to health care use,’ OhioHealth said in a statement to Columbus Business First. ‘No specific project is planned or funded at this time.’ Columbus-based retailer Big Lots, which was acquired last month by Gordon Brothers, remains in the midst of a Chapter 11 bankruptcy reorganization. OhioHealth proposed "the highest or otherwise best offer,’ which would avoid the expense of a lengthy marketing or auction process unlikely to yield a higher sale price, Big Lots said in the motion filed last week in U.S. Bankruptcy Court in the state of Delaware.”
2
“A pair of Columbus-area Party City locations could soon get new uses. The New Jersey-based retailer in December said it would be going out of business and closing more than 850 stores across the country. As part of that process it is auctioning off leases to those locations. The business can recoup some money while new operators can step into new spaces. Several hundred Party City spaces will now have owners, pending court approval, including two of the four in Central Ohio. Rack Room Shoes, with a $100,354 bid, acquired the 11,367-square-foot former Party City at 1297 Polaris Pkwy. It will take over that lease March 31, according to court documents.”
3
“Ohio State University, Nationwide Children's Hospital and others stand to lose tens of millions of dollars that support many jobs because the National Institutes of Health abruptly slashed grant support for overhead expenses. The NIH in a Friday announcement cut the so-called indirect expense rate for facilities and administration to 15% of direct research costs. Indirect costs include support staff, utilities, building maintenance, data storage, safety and regulatory compliance. ‘Reduced NIH funding will lead to fewer research projects, fewer opportunities for collaboration with industry partners, and ultimately, job losses in both academia and the private sector,’ said a statement from Ohio Life Sciences Association, representing 4,900 research, medical and biotech establishments.”
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