Colliers | Columbus
THE WEEKLY REVIEW | April 28, 2023
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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Industrial - Scotts Miracle-Gro Building New Distribution Center in Marysville
“Scotts Miracle-Gro is building a 1.3 million-square-foot distribution center near its Marysville headquarters. The company, which manufactures and sells lawn, garden and pest control products, is developing the massive facility on an 84-acre site at 12575 Industrial Pkwy. The property is located about 2 miles from its global headquarters and primary manufacturing plant at 14111 Scottslawn Road in Marysville, and is near another distribution center Scotts will continue to operate.”
“The building will include 10,000 square feet of office space, with the remaining 1.29 million square feet to be utilized for product storage. Products will be stored up to 40 feet high, which is the new standard specification for regional and national distribution storage space, according to a press release. The facility also will include 120 dock doors, more than 230 trailer parking spots and on-site scales.”
Office - Multibillion-Dollar Logistics Firm Opening Columbus Office
“Arrive Logistics, a multibillion-dollar company based in Austin, Texas, recently opened a new office in the Gravity building at 500 W. Broad St. in Franklinton near downtown Columbus. It is one of two new offices for the growing firm, which also opened in Phoenix, Arizona, in recent months. About 20 people currently work in the 11,400-square-foot office, but Arrive Chief of Staff Scott Sandager said that number is expected to grow ‘pretty quickly’ as the company seeks talent from nearby colleges and universities. The access to a rich talent pool was one of the main factors that led Arrive to Columbus, Sandager said.”
"We know a lot of people stay in Central Ohio post graduation, so as we look to expand our local talent throughout the U.S., Columbus felt like a great market for us to expand into.”
Retail - Bed Bath & Beyond Closing More Stores
“Bed Bath & Beyond — one of the original big box retailers — has filed for bankruptcy protection following years of dismal sales and losses and numerous failed turnaround plans. The beleaguered home goods chain made the filing Sunday in U.S. District Court in New Jersey and said it would start an orderly wind-down of its operations, including eventually closing its stores while seeking a buyer for all or some of its businesses. For now, its 360 Bed Bath & Beyond stores and 120 buybuy Baby stores, as well as its websites, will remain open to serve customers.”
“The company currently has 12 Ohio locations and three locations around Columbus, including locations at Easton Market, Upper Arlington, and 3708 W. Dublin Granville Rd. on the city's Northwest Side, as well as a buybuy Baby location at 3749 Easton Market. The latter two had not previously been included in the company's list of closures.”